MarathonTrim-21.51%$56M2.28%Capital cycle / Contrarian value
What managers sayⓘ
2026-08-31Patient Capital ManagementBullOpportunity Equity Strategy Update for 8/21/2026 – 8/28/2026Detail →
2026-08-31Third PointBullThird Point August 2026 Monthly ReportDetail →
2026-08-25Colossus (Invest Like the Best / Business Breakdowns)BearNeil Movva - Making AI 10x Cheaper - [Invest Like the Best, EP.488]Detail →
2026-08-24Patient Capital ManagementNeutralOpportunity Equity Strategy Update for 8/14/2026 – 8/21/2026Detail →
2026-08-20Aswath Damodaran (Musings on Markets)NeutralAI's Bar Mitzvah Moment: From Hype & Hope to Business Questions!Detail →
2026-08-20Oakmark FundsBearBill Nygren, Portfolio Manager and Co-CIO U.S. on value investing in the AI eraDetail →
2026-08-18Colossus (Invest Like the Best / Business Breakdowns)BearBen Thompson on Big Tech, China, and the AI Boom Running Out of Money - [Invest Like the Best, EP.487]Detail →
### At a GlanceNVIDIA's Q2 FY2026 results significantly exceeded expectations, driven by surging AI demand fueling global infrastructure expansion and the company's distinct advantage in its full-stack AI factory platform.
Q2 revenue reached $96 billion, doubling year-over-year; data center revenue hit $89 billion, up 18% quarter-over-quarter; FY2028 revenue is expected to grow approximately 70% year-over-year.
Key business progress this quarter: Expanded collaboration with AWS, deploying 2 million GPUs; Vera Rubin began volume shipments, expected to become the fastest product ramp in history; Spectrum-X Ethernet revenue grew 2.6x year-over-year; CPU revenue is expected to double by FY2028. Through its full-stack AI factory platform, CUDA ecosystem, and revenue-sharing model, the company has increased the revenue opportunity per GW of data center from $18 billion with Hopper to $40 billion with Vera Rubin.
Management guided Q3 revenue at $108 billion, with FY2028 full-year growth of approximately 70%, though constrained by supply. Gross margin guidance was revised downward: Q3 at 74%, Q4 bottoming at 71%-72%, recovering to 72%-73% in FY2028, primarily due to a significant increase in memory costs.
Positive signals: Management emphasized that AI has entered a profitable inference phase, with customer investment payback periods under one year and demand far exceeding supply capacity. Negative signals: Gross margins remain under pressure, and tight memory supply is unlikely to ease in the near term.