Nvidia forecasts $108B in quarterly revenue, assumes zero chip sales to China

Nvidia just posted $96.2 billion in quarterly revenue and told Wall Street to expect even more next quarter. The $108 billion Q3 guidance comes with a remarkable asterisk: the company baked in exactly zero dollars from data center chip sales to China. The numbers behind the confidence Nvidia’s fiscal Q2 2027 results show a company that has more than doubled its revenue year-over-year, with growth clocking in at 106%. Data center revenue alone hit $89 billion for the quarter, making up the vast majority of the top line. China, once responsible for somewhere between 13% and 20% of Nvidia’s data center revenue, contributed less than 1% this time around. A small batch of H200 chips went to roughly 10 approved Chinese firms, but uptake was minimal due to local purchasing restrictions layered on top of US export controls. Total revenue from China across all product categories, not just data centers, landed at approximately $7.88 billion. That figure includes gaming GPUs, automotive chips, and other non-restricted products. For context, the data center segment alone generated more than 11 times that amount. The Q3 guidance of $108 billion assumes this near-zero Chinese data center contrib...