Nvidia Posts $96.2B Revenue, Carries $279B In Commitments — SkimNews
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- Nvidia posted $96.2B in Q2 revenue (106% YoY), with Data Center at $89B, and guided Q3 to $108B
- Nvidia forecasts roughly 70% FY2028 growth, constrained by supply rather than customer demand, supporting a forward PEG under 0.5
- Revenue per gigawatt rises from ~$18B with Hopper to ~$40B with the Vera Rubin platform, per the analyst's model
- Nvidia's free cash flow fell 56% sequentially to $21.3B as receivables grew and payment terms extended
- Nvidia carries $279B in purchase obligations and is embedded in more than $500B of external AI financing through investments and take-or-pay commitments
- At roughly 15x FY2028 earnings with 66% expected EPS growth and continuing estimate upside, the analyst argues the stock remains undervalued
Why it matters: The $279B in purchase commitments and 56% sequential FCF drop reveal that Nvidia is absorbing balance-sheet risk that the 'almost perfect' revenue print obscures. With more than $500B of external AI capital routed through investments and take-or-pay deals, Nvidia's shift from GPU seller to infrastructure financier ties its earnings directly to customer creditworthiness and infrastructure returns.
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