NVIDIA Corp Q2 2025 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Vivek Arya - BofA Global Research - Analyst : Thanks for taking my question. Jensen, you mentioned in the prepared comments that there's a change in the Blackwell GPU mask. I'm curious, are there any other incremental changes in back-end packaging or anything else? And I think related, you suggested that you could ship several billion dollars of Blackwell in Q4 despite a change in the design. Is it because all these issues will be solved by then? Just help us size what is the overall impact of any changes in Blackwell timing, what that means to your revenue profile, and how are customers reacting to it?

Question: Toshiya Hari - Goldman Sachs Research - Analyst : Hi. Thank you so much for taking the question. Jensen, I had a relatively longer term question. As you may know, there's a pretty heated debate in the market on your customers and customers' customers' return on investment and what that means for the sustainability of CapEx going forward. Internally at NVIDIA, what are you guys watching? What's on your dashboard as you try to gauge customer return and how that impacts CapEx? And then a quick follow-up maybe for Colette. I think your sovereign AI number for the full year went up maybe a couple billion. What's driving the improved outlook and how should we think about fiscal '26? Thank you.

Question: Joe Moore - Morgan Stanley - Analyst : Great. Thank you. Jensen, in the press release, you talked about Blackwell anticipation being incredible, but it seems like Hopper demand is also really strong. I mean, you're guiding for a very strong quarter without Blackwell in October. So how long do you see coexisting strong demand for both? And can you talk about the transition to Blackwell? Do you see people intermixing clusters? Do you think most of the Blackwell activities, new clusters, just some sense of what that transition looks like?

Question: Matt Ramsay - TD Cowen - Analyst : Thank you very much. Good afternoon, everybody. I wanted to kind of circle back to an earlier question about the debate that investors are having about the ROI on all of this CapEx. And hopefully this question and the distinction will make some sense. But what I'm having discussions about is with the percentage of folks that you see that are spending all of this money and looking to push the frontier towards AGI convergence and, as you just said, a new plateau in capability -- and they're going to spend regardless to get to that level of capability because it opens up so many doors for the industry and for their company versus customers that are really, really focused today on CapEx versus ROI. I don't know if that distinction makes sense. I'm just trying to get a sense of how you're seeing the priorities of people that are putting the dollars on the ground on this new technology and what their priorities are their timeframes are for that investment. Thanks. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 28, 2024 / 9:00PM, NVDA.OQ - Q2 2025 NVIDIA Corp Earnings Call

Question: Timothy Arcuri - UBS Equities - Analyst : Thanks a lot. I had a question on the shape of the revenue growth, both near and longer term. I know, Colette, you did increase OpEx for the year. And if I look at the increase in your purchase commitments and your supply obligations, that's also quite bullish. On the other hand, there's some school of thought that not that many customers really seem ready for liquid cooling. And I do recognize that some of these racks can be air cooled. But Jensen, is that something to consider on the shape of how Blackwell is going to ramp? And then I guess when you look beyond next year, which is obviously going to be a great year, and you look into '26, do you worry about any other gating factors, like say the power supply chain or at some point models start to get smaller? I'm just wondering if you can speak to that. Thanks. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 28, 2024 / 9:00PM, NVDA.OQ - Q2 2025 NVIDIA Corp Earnings Call

Question: Stacy Rasgon - Bernstein - Analyst : Hi guys. Thanks for taking my questions. I have two short questions to Colette. The first, several billion dollars of Blackwell revenue in Q4. Is that additive? You said you expected Hopper demand to strengthen in the second half. Does that mean Hopper strengthens Q3 to Q4 as well on top of Blackwell adding several billion dollars? And the second question on gross margins. If I have mid-70%s for the year -- depending on where I want to draw that, if I have 75% for the year, I'd be something like 71% to 72%. for Q4, somewhere in that range. Is that the kind of exit rate for gross margins that you're expecting? And how should we think about the drivers of gross margin evolution into next year as Blackwell ramps? And I mean, hopefully, I guess the yields and the inventory reserves and everything come up.

Question: Ben Reitzes - Melius Research - Analyst : Yeah. Hey, thanks a lot for the question, Jensen and Colette. I wanted to ask about the geographies. There was the 10-Q that came out and the United States was down sequentially while several Asian geographies were up a lot sequentially. Just wondering what the dynamics are there. And obviously, China did very well. You mentioned it in your remarks. What are the puts and takes? And then I just wanted to clarify from Stacy's question if that means the sequential overall revenue growth rates for the company accelerate in the fourth quarter, given all those favorable revenue dynamics. Thanks. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 28, 2024 / 9:00PM, NVDA.OQ - Q2 2025 NVIDIA Corp Earnings Call

Question: C.J. Muse - Cantor Fitzgerald - Analyst : Yeah, good afternoon. Thank you for taking the question. You've embarked on a remarkable annual product cadence with challenges, only likely becoming more and more, given rising complexity and a radical limit advanced package world. So curious, if you take a step back, how does this backdrop alter your thinking around potentially greater vertical integration, supply chain partnerships, and then thinking through consequential impact to your margin profile? Thank you.

Question: Aaron Rakers - Wells Fargo Securities, LLC - Analyst : Yeah, thanks for taking the question. I wanted to go back into the Blackwell product cycle. One of the questions that we tend to get asked is how you see the rack-scale system mix dynamic as you think about leveraging NVLink, you think about GB, NVL72, and how that go-to-market dynamic looks as far as the Blackwell product cycle. I guess, to put it simply, how do you see that mix of rack-scale systems as we start to think about the Blackwell cycle playing out?