NVIDIA Just Guided a Full Year Ahead. That Is the Story, Not the Beat.

Revenue doubled again, but the more important disclosures were a 70 percent fiscal 2028 growth outlook, a mapped margin trough and a customer base requiring more financing support.

NVIDIA reported $96.2 billion of revenue for the second quarter of fiscal 2027, up 106 percent from a year ago. Non-GAAP earnings per share reached $2.22, up 120 percent.

Those are extraordinary numbers. They are also not the most important part of the report.

The real payload was forward-looking. NVIDIA mapped its gross-margin path through the end of thi…