Nvidia reported fiscal second-quarter revenue of $96.22 billion, up 105.9% year over year, with data center sales of $89 billion, while adjusted earnings per share of $2.22 exceeded the $2.09 consensus. Management guided to approximately $108 billion in the next quarter, but CFO Colette Kress said customer forecasts point to doubling next year while Nvidia’s guidance remains near 70% because memory supply cannot keep pace. Supply and capacity commitments more than doubled to $279 billion from $119 billion, primarily for high-bandwidth memory supporting Vera Rubin, while HBM and TSMC CoWoS packaging constraints are expected to lift AI server prices by more than 15% for early-2027 shipments. Tom Lee of Fundstrat nevertheless says Nvidia remains undervalued as earnings expand and its valuation multiple compresses. Institutional investors control 65.27% of the shares, although insiders sold approximately $410.4 million over the past 90 days.