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NVIDIA (NVDA -1.5%) posted mixed Q2 (Jul) results, with EPS and revenue topping estimates, though the upside was modest. Q3 guidance came in-line, a departure from its usual beat-and-raise pattern.

• Data Center revenue rose 56% yr/yr to $41.1 bln, but missed Street estimates due to a $4 bln sequential drop in H20 revenue tied to export restrictions. No H20 sales to China occurred in Q2, and none are assumed in Q3 guidance.
• The Blackwell platform grew 17% sequentially, with a smooth transition to GB300 among cloud providers. Production is expected to ramp further in Q3.
• NVIDIA expects broad availability of GB300 in H2, with its 10x token-per-watt efficiency positioning it as a key AI driver.
• The company reiterated bullish AI demand trends, estimating $3-4 trn in AI infrastructure spend by 2030.
• Gaming and AI PC revenue rose 49% yr/yr to a record $4.3 bln, fueled by Blackwell GeForce GPUs.
• Professional Visualization grew 32% to $601 mln; Automotive rose 69% to $586 mln.

Briefing.com Analyst Insight:

While the Data Center shortfall disappointed, it stemmed from geopolitical hurdles—not weak demand. Investors appear to be giving NVIDIA a pass, focusing instead on strong Blackwell adoption and robust long-term AI trends. Guidance was conservative, but the AI growth story remains intact. Given high expectations and valuation, near-term upside may be limited, but the long-term setup still looks favorable.