Nvidia will report its fiscal 2027 second-quarter results after U.S. markets close on Aug. 26. Goldman Sachs expects strong performance and sees room for higher guidance, but notes that the stock has surged in August and gained more than 12% over the past two weeks, potentially pricing in favorable news before the release. The bank’s earnings-per-share forecasts for Nvidia’s second and third quarters are 6% and 12% above Wall Street consensus, respectively, while its $285 price target remains slightly below the market average. Goldman says Nvidia’s valuation could still be re-rated higher if hyperscale cloud providers improve profitability and sustain capital spending, the company remains cautious on its customer financing platform to ease concerns about circular supplier financing, and it continues large-scale share buybacks and dividend payments. Investors are expected to focus on details of the customer financing platform, progress on the Vera Rubin platform, gross margins and raw-material costs, CPU demand driven by agentic AI, and the competitive landscape. Goldman warns that strong GPU demand still carries correction risk, that beating expectations and raising guidance each quarter will become increasingly difficult, and that the durability of cloud companies’ capital-spending increases remains uncertain. Nvidia earlier this month joined Apollo, BlackRock, Blackstone, Goldman Sachs and KKR to establish an AI computing infrastructure financing platform intended to attract more than $500 billion in third-party capital. Rising market concerns over circular financing mean Nvidia needs to deliver more substantial new information; otherwise, Goldman believes the stock is more likely to fall than surge after the earnings release.