- Nvidia has started production of Vera Rubin, which combines Rubin GPUs and Vera CPUs into integrated systems for large-scale AI factories.
- Management expects Vera Rubin to contribute about 20% of Q3 Data Center revenue.
- Q2 revenue rose 106% year over year to $96.2 billion, and Data Center revenue rose 117% to $89 billion. Q3 revenue guidance is $108 billion, plus or minus 2%.
- Management expects supply to remain a bottleneck through at least FY28, and rising memory costs are a margin risk.
- CoreWeave, Alphabet, Microsoft, Oracle and Nebius are preparing to deploy the platform.
- AMD is challenging Nvidia with Instinct GPUs and Helios rack-scale systems, and plans to supply up to 2 gigawatts of MI450 GPUs to Anthropic with first deployment in H1 2027. Intel is expanding its data-center business.
- NVDA shares are up about 21.3% year to date, trailing the Zacks Computer and Technology sector's 23.4% gain. The stock trades at a forward P/E of 16.60, below the sector average of 20.93.
Quotes
“Production of this next-generation platform has started”
“NVIDIA claims Vera Rubin can deliver 10 times the agent throughput of its previous Grace Blackwell platform at scale.”
“Management expects supply to remain a bottleneck through at least fiscal 2028.”