Nvidia: Customers Wanted More Than It Could Build

NVIDIA delivered Q2 FY27 revenue of $96.2B, surpassing guidance and driving shares up 8.7%. I maintain a Buy rating, but the investment thesis now hinges on supply constraints, margin trajectory, and balance sheet risk. NVDA guided FY28 revenue growth to 70%, supply-constrained, with gross margins expected to bottom at 71–72% before stabilizing.