Markets watched Nvidia's earnings call live as the company reported second-quarter revenue of $96.2 billion and issued third-quarter guidance of roughly $108 billion, both well ahead of analyst expectations heading into the print. The stock reaction was immediate: shares surged 8.7% on the day, Nvidia's largest single-day gain since April 2025, pulling the broader Nasdaq Composite up 1.6% alongside it.
Trading desks flagged the data-center segment's 116.6% year-over-year growth as the key number driving the move, along with management's characterization of the business as "supply-constrained" rather than limited by customer demand. That framing mattered to investors parsing whether AI infrastructure spending has genuine staying power or is approaching a plateau — a debate that has hung over chip and hyperscaler stocks for much of the year.
The print marked Nvidia's 15th consecutive quarter of beating Wall Street estimates, extending one of the more remarkable earnings streaks in large-cap tech history. Options markets had priced in a large post-earnings move in either direction; the actual result landed toward the bullish end of that range, and after-hours commentary from analysts largely reiterated bullish price targets on the stock.
