For the 16th consecutive quarter, Nvidia reported revenue that topped Wall Street estimates.

Sales in the three months to July 26 were $96.22 billion, up 106% YoY. So, revenue more than doubled versus the same period in 2025. It was the first triple-digit gain in two years.

The guide was impressive on any standard definition of the term. Nvidia sees current-quarter sales of between $106 billion and $110 billion. Taking the midpoint, that’d constitute sales growth of almost 90% in Q3.

Although the forecast was better than expected (analysts were collectively looking for $105 billion), the loftiest estimates from Nvidia bulls approached $140 billion.

Data center revenue rose 117% to $89.02 billion, about $3 billion ahead of consensus. The hyper-scalers accounted for nearly 55% of that, down from 59% in the same period a year ago.

Recall that Nvidia now splits its numbers into two “market platforms.” The data center platform comprises hyper-scaler revenue, which rose 102% YoY, and sales associated with AI clouds, industrial and enterprise applications, which jumped 138%.

The other platform’s “edge computing.” It includes revenue from data processing devices for agentic and physical AI including PCs, game consoles, robotics and automotive. Revenue there was $7.2 billion last quarter, up 27%.

Vera Rubin — which is shipping now — is in “full production,” Jensen Huang said, employing his trademark hyperbole and self-aggrandizing to talk up not just his company’s results, but the AI revolution itself, which has “reached its inflection point.”

“Now, compute is revenue,” Huang said, on the way to declaring “a golden age of new AI labs and startups.” Here’s hoping this “golden age” goes better than the one Donald Trump declared upon retaking the Oval Office 19 months ago.

Nvidia’s facing renewed skepticism around what some critics say are hopelessly circular deals reminiscent of dot-com-style vendor financing. Bloomberg this month reported on three-quarters of a trillion in such arrangements. Subsequently, Huang took the unusual step of announcing $500 billion in partnerships with a hodgepodge of Wall Street and private equity firms before any deals were actually signed in a bid to reassure the company’s clients that their financing needs will be met.

In the CFO commentary accompanying Wednesday’s report, Nvidia said some AI clouds and model makers “are growing faster than their balance sheets and long-term credit profiles can support.” Nvidia’s addressing the issue with “arrangements that help select customers secure the land, power and data center capacity needed to support their growth.”

As to agreements involving the purchase of Nvidia’s own hardware, the company said its various tie-ups will accrue to Nvidia “on the upfront sale of our infrastructure” and also via a share of the revenue earned by AI cloud companies from third-party customers when “certain criteria are met.”

Nvidia put its maximum exposure from all such agreements at $3.5 billion. “We have land, power and shell guarantees for certain AI cloud partners’ data center lease obligations in the event of their default,” the company said. Cash and equivalents were $56.6 billion at quarter-end, up YoY and QoQ.

On the call, CFO Colette Kress said sales will probably rise by around 70% during the company’s next fiscal year despite supply bottlenecks. Suffice to say Colette buried the lede. Analysts were expecting top-line growth of less than 50% next year. That’s the news.

Kress was diplomatic in addressing the circular financing concerns mentioned above. “We see it differently,” she said. “We believe these investments measured against the strength of their demand, the business they create for us, the ecosystem they build on Nvidia’s platform, and the equity returns on our invested capital will be excellent and our risk is limited.”

Nvidia came into Wednesday’s report trading at just 19 times forward earnings, the cheapest in almost eight years.