Nvidia shares surge after record $96.2B quarter

Nvidia ↗ 0.90% reported fiscal second-quarter revenue of $96.2 billion on Wednesday evening, beating Wall Street expectations and sending its shares up roughly 7% in premarket trading Thursday. The results triggered a broader rally across technology futures, AI infrastructure stocks, and Bitcoin ↗ 0.25%, which gained approximately 2.4% to trade near $80,400.

Record Revenue and Above-Consensus Outlook

Revenue for the quarter ended July 26 rose 106% year over year and 18% sequentially, surpassing the $92.2 billion Visible Alpha consensus estimate. Non-GAAP diluted earnings reached $2.22 per share, above expectations near $2.09. The Data Center division accounted for more than 92% of total revenue at $89 billion, up 117% from the prior-year period.crypto+2

Nvidia guided fiscal third-quarter revenue to $108 billion, plus or minus 2%, exceeding analyst projections near $104 billion. The outlook excludes Data Center compute revenue from China due to export controls. Chief Financial Officer Colette Kress told investors that customer projections indicate the company's growth could double next year, though Nvidia expects revenue growth of roughly 70% because supply will remain constrained through fiscal 2028.crypto

Hugging Face Deal Adds to Momentum

Separately, The Information reported Wednesday that Nvidia has agreed to acquire open-source AI platform Hugging Face for $12.9 billion. CNBC confirmed the report, noting that deal talks began after Hugging Face received acquisition interest from another suitor. TechCrunch also reported the agreement, citing a source familiar with the matter. Neither company had issued an official confirmation or regulatory filing as of Thursday morning.cnbc+2

If completed, the deal would place one of the most widely used platforms for sharing and collaborating on open-source AI models under Nvidia's ownership, expanding the chipmaker's reach into the software ecosystem.

Crypto and AI Mining Stocks Rally

Bitcoin rose from an intraday low near $77,658 to approximately $80,380 as Nasdaq 100 futures advanced about 1.1%. Companies bridging Bitcoin mining and AI computing also gained in premarket trading: IREN ↗ 7.90% rose about 5%, while TeraWulf ↗ 5.68% and Cipher Mining ↗ 9.99% each added roughly 3%. These firms have been redirecting data-center capacity toward high-performance computing, with nine public miners spending $5.11 billion on capital assets in the first half of 2026.crypto

Investors will watch Nvidia's regular-session performance and updated analyst targets as the company tests whether supply capacity can match the demand its management described.