Historical backfill: prepared on October 4, 2026; observations stop at the article date, using the US close.
NVIDIA released its fiscal Q2 2027 results after the August 26 close. For the quarter ended July 26, revenue was $96.2 billion, up 18% sequentially and 106% year over year. Those recognized sales are substantial evidence against a blanket claim that AI demand had disappeared. Growth can still remain concentrated in a few customers or one spending cycle.
On August 27, NVIDIA gained about 8.7%, Broadcom 4.5% and the semiconductor ETF SMH 3.1%. AMD fell roughly 0.9% and Micron 0.3%. The strong report did not lift every peer; products, customer relationships, competition and prior valuations differ.
Customer returns sit beyond another layer of costs. Delivered equipment can become supplier revenue under the relevant rules. Customers usually record capital investment, then incur depreciation, electricity and operating expenses; revenue recognition and cash payment need not coincide. NVIDIA’s report records supplier revenue. Whether end-user payments cover these costs belongs in the accounts of cloud platforms and applications.
Sources: NVIDIA · FY2027 Q2 results · 2026-08-26 · SEC · NVIDIA 8-K · 2026-08-26 · Yahoo Finance NVDA · Yahoo Finance AVGO · Yahoo Finance AMD · Yahoo Finance MU · Yahoo Finance SMH; SEC · financial-statements guide · Microsoft · FY2025 annual report. Price changes compare consecutive Yahoo historical closes, which may include provider adjustments and are not treated as investors’ total returns. Price facts are separated from interpretation; causal explanations have not been established. Past performance does not indicate future results. The securities NVDA, AVGO, AMD, MU are discussed solely as subjects of analysis, not as KSINQ recommendations to buy, sell or hold. The cited price changes reflect historical performance and do not imply future results. Personal research and opinion for information only, not investment advice.