Santa Clara, California-based Nvidia reported its sales were $46.7 billion for the most recent quarter, marking 56 percent growth over the same period last year and up 6 percent sequentially. Profit rose more than 59 percent to $26.42 billion. The results, which surpassed estimates, reassured global analysts and investors that AI infrastructure spending remains strong, easing — though not erasing — anxieties about an AI bubble. This summer, the chipmaker became the first company to exceed a market cap of $4 trillion, and it is considered a global barometer for the overall health of the artificial intelligence sector.

On an earnings call this week, Nvidia founder and CEO Jensen Huang told analysts “we’re in the beginning of this build-out,” predicting AI infrastructure spending would continue to grow to somewhere between $3 trillion and $4 trillion by 2030.

“Shares of Nvidia fell more than 2 percent in after-hours trading,” reports The New York Times, attributing the dip to “how lofty the expectations are,” despite the fact that Nvidia “now posts quarterly profits bigger than tech peers like Apple and Meta.”

“Year-over-year revenue [growth] has now exceeded 50 percent for nine straight quarters, dating back to mid-2023, when the generative AI boom started to show up in Nvidia’s results,” CNBC writes. “However, the second quarter marked Nvidia’s slowest period of growth during that stretch.”

The Associated Press credits the AI boom with “propelling the stock market to new heights” over the past two years. But NYT suggests a slow-down could turn the market’s explosive growth into a literal detonation.

Nvidia repurchased nearly $10 billion of its own stock in the reporting quarter, fiscal 2026, which ended July 27. On August 26, the board of directors approved, without expiration, an additional $60 billion for more repurchasing, EVP and CFO Colette Kress said in a commentary, signaling a confident outlook.

Earnings coverage emphasized the Trump administration’s green light to restart sales of Nvidia’s H20 processors in China. The less powerful version of its H100 was specifically designed to sell there, which Nvidia did from 2024 until President Trump banned the practice in April, only to reverse himself in July.

Nvidia explained in its earnings release that there were no H20 sales to China in Q2 (resulting in a $4.5 billion Q1 write-down). Kress did mention $650 million in Q2 sales of the H20 to a single mysterious “customer outside of China.”

Huang mentioned the possibility of selling a modified version of its latest Blackwell GPU in China. Blackwell sales “increased 17 percent compared with the previous quarter,” reports The Wall Street Journal, naming Disney among the first buyers of its new Blackwell-edition server.

The Trump administration “aims to take the 15 percent commission in return for allowing Nvidia and rival AMD to offer AI chips in China again,” writes Bloomberg, observing Kress being non-committal about that plan, writing that “If the plan isn’t codified, Nvidia should be able to proceed with China sales without paying the commission.”

“I’ve got licenses,” said Kress. “I don’t have to do this 15 percent until I see something that is a true regulatory document.”