Nvidia's revenue crossed $96 billion, and it's spending nearly three times that securing the memory and chips needed to keep making more.
Nvidia's fiscal Q2 2027 revenue reached $96.221 billion, up 106% year-over-year and 18% quarter-over-quarter, with net income of $59.688 billion and a 75% gross margin. Data-center hardware sales hit $89.023 billion; hyperscalers remain the biggest buyers at $48.710 billion, but the AI Clouds, Industrial and Enterprise segment is growing faster, up 138% year-over-year to $40.313 billion. To keep pace, Nvidia raised its long-term supply commitments from $119 billion last quarter to $279 billion this quarter, with up to $160 billion of that tied to memory, including a supply pact with SK hynix. CEO Jensen Huang said "AI has reached its inflection point" this quarter, arguing that AI tokens are now generating direct revenue rather than just burning compute.
The commitment figure is the real story here. Nvidia says customer forecasts point to demand doubling next year, but the company believes its supply chain can only support about 70% growth - meaning even the business printing $60 billion in quarterly profit can't fully supply the market it helped create. That's why Nvidia is prepaying for memory now: management expects supply, not demand, to be the bottleneck through fiscal 2028.
Locking in $279 billion of future spending is also a hedge - if the AI buildout ever slows, Nvidia has already committed the money either way.