Nvidia, now a $5.28 trillion company, is trading at its cheapest valuation in five years heading into Wednesday's earnings report, according to Coin Bureau, which noted the company has already guided to $91 billion in quarterly revenue excluding China data center sales. Coin Bureau separately flagged Bernstein analyst Stacy Rasgon's expectation of "very, very good" results as the Rubin product cycle begins, with Rasgon suggesting more than $500 billion in data center revenue next year is becoming a plausible outcome.
Nvidia reports Q2 fiscal 2027 results after market close on Wednesday, August 26. Analyst consensus sits close to management's own guidance, with revenue estimates around $91.85 billion and earnings near $2.08 a share, implying roughly 96% year-over-year growth driven by continued demand for Blackwell-based AI accelerators.
Why a record-size company looks "cheap"
The cheapest-in-five-years framing reflects that Nvidia's earnings have grown faster than its share price over the past year, compressing its valuation multiple even as the stock has climbed in absolute terms. That compression comes despite four straight quarters in which Nvidia's stock has dropped immediately following its earnings report — a pattern that has left the market unusually attentive to gross margin trends and the pace of the transition from Blackwell to the next-generation Vera Rubin platform, which Nvidia says is already in production with partner availability expected in the second half of 2026.
Management has projected that Blackwell and Rubin combined will generate $1 trillion in cumulative revenue between 2025 and 2027, a figure that puts this week's print in the context of a multi-year bet rather than a single-quarter read.
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The AI capex question hanging over the print
Nvidia's results land in the same week Alibaba crashed 10% in Hong Kong after pricing a discounted $10.2 billion share sale explicitly earmarked for AI infrastructure — a reminder that Nvidia's own revenue depends on customers continuing to fund AI buildouts at scale, even as investors grow more sensitive to how that spending gets financed. Gross margin stability near 75% amid rising component costs, sustained data center demand, and any incremental China revenue following recent H200 export approvals round out the list of variables analysts are watching most closely into Wednesday's release.
