TLDR
- NVDA dropped to $219 on September 11, its lowest level since September 2
- Jensen Huang reiterated his $3T-$4T AI market prediction at the Goldman Sachs Communacopia & Tech conference
- Q2 revenue hit $96.2 billion, up 106% year-over-year, beating estimates of $92.3 billion
- Nvidia guided for 70% revenue growth in fiscal year 2028, well above the 45% analyst forecast
- NVDA has formed a cup-and-handle pattern on the daily chart, with traders watching a potential move to $236
Nvidia (NVDA) stock slipped to $219 on September 11, down from a monthly high of $234, even as CEO Jensen Huang made a bullish case for the AI industry at a high-profile tech conference.
Huang appeared at the Goldman Sachs Communacopia & Tech conference on Thursday, exactly one year after he first made the same call. He reaffirmed his view that the AI market will reach $3 trillion to $4 trillion by 2030.
“The semiconductor industry is going to just keep getting larger and larger,” Huang said. He pointed to a new layer of computing, the end of Moore’s law, and growing demand for smarter AI models as the main drivers.
The comments came fresh off a strong quarterly report. Nvidia posted adjusted earnings per share of $2.22 on revenue of $96.2 billion, beating Wall Street estimates of $2.09 per share and $92.3 billion.
Data Center revenue came in at $89 billion, above the expected $85.8 billion. Edge Computing, which includes gaming and physical AI, brought in $7.2 billion versus a $6.6 billion forecast.
Revenue Growth Beats Forecasts
Year-over-year, revenue grew 106%. Quarter-over-quarter, it rose 18%. Net income climbed to $59 billion, which is higher than Nvidia’s total revenue in Q2 of last year.
Gross margin improved from 72.4% in Q2 fiscal 2026 to 75% in Q2 fiscal 2027.
For fiscal year 2028, Nvidia guided for 70% revenue growth. Analysts had been forecasting 45%. Huang added that growth could exceed 100% if not for memory chip shortages.
“We are struggling to meet demand every day,” said CoreWeave (CRWV) CEO Michael Intrator, speaking at the same conference. “Every GPU we have could be sold to multiple different clients.”
Nvidia holds an 11.5% equity stake in CoreWeave and supplies 100% of the GPUs powering its AI data centers.
Technical Setup
On the daily chart, NVDA has formed a cup-and-handle pattern, a setup traders watch as a potential bullish continuation signal. The stock has held above its 100-day Exponential Moving Average during the pullback.
Analysts estimate Nvidia’s annual revenue will reach $411 billion, and could grow a further 77% the following year to $727 billion.
Those forecasts do not include potential China sales or revenue from Nvidia’s CPU lineup, which is entering a market long controlled by AMD and Intel.
PWC released a report projecting AI data center spending will reach $32 trillion through 2050, a figure that would further support demand for Nvidia’s chips.
NVDA was trading around $219 as of September 11, with traders eyeing $236 as the next level to watch on a breakout.
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