Nvidia reports Q2 FY27 tonight after Zoom’s beat-and-fade warning as investors weigh cautious guidance, falling yields, and chip strength into the print.
TLDR
Nvidia reports fiscal Q2 2027 after the US close tonight, the largest single earnings event of the quarter. Wall Street rallied into the print on Tuesday, with the S&P 500 at 7,677.28 (+0.32%), the Nasdaq at 26,151.30 (+0.66%) and the Dow at 53,577.40 (+0.30%). The 10-year Treasury yield fell more than seven basis points to 4.625% and WTI crude dropped 3.1% to $82.36 as talk of a temporary Hormuz shipping route eased supply fears. Zoom Communications reported after the bell last night, beat on revenue and EPS, and still slid about 4% in after-hours on cautious full-year guidance, a warning for how the tape is judging every AI-adjacent print this quarter.
Market Regime
The setup into Nvidia is calmer than the one that greeted last week’s Warsh nomination and Walmart selloff. Yields are down, oil is down, chip stocks broke a losing streak on Tuesday and Asian memory names extended those gains on Wednesday. Kospi closed at 6,808.21 (+0.97%) with Samsung Electronics up 1.75%, and the Nikkei added 0.62% to 66,261.94 on SoftBank strength. That is the classic pre-print rotation: risk-off assets bid down, risk-on assets bid up, positioning tilted long.
What breaks it is the guide. Nvidia has already guided fiscal Q2 revenue to $91 billion plus or minus 2%, which puts the official range at roughly $89.2 to $92.8 billion. Consensus at $92.2 billion barely clears the top of that range. Bull-case desks at JPMorgan, Jefferies and UBS are already at $94 to $95 billion, with Jefferies at $108 billion and UBS above $110 billion for the following quarter. That means the number that matters is not tonight’s revenue. It is the October-quarter outlook and any commentary on Blackwell mix, hyperscaler capex durability and China. Zoom’s reaction last night, a clean beat sold off on cautious language, is the template to watch.
Bullish Factors
- Nasdaq climbed 0.66% Tuesday as chips led into the Nvidia print, breaking a run of tech weakness that had pulled Micron down 5.8% and AMD down 3% just 24 hours earlier.
- 10-year Treasury yield fell more than seven basis points to 4.625%, extending Monday’s move lower on reports that the Treasury may use its $1 trillion General Account to fund bond buybacks.
- WTI crude dropped 3.1% to $82.36 and Brent fell 3.9% to $88.58 after Iran and Oman held talks on a temporary joint shipping route through Hormuz, easing supply anxiety.
- Kospi rose to 6,808.21 (+0.97%) with Samsung Electronics up 1.75% on chip-name repositioning ahead of Nvidia, and Nikkei added 0.62% to 66,261.94 with SoftBank leading.
- Zoom reported Q2 revenue of $1.28 billion, above the high end of its guide by $7 million, EPS of $1.55 versus $1.38 expected (a 12% beat), and enterprise revenue growth of 7.8% year over year, its strongest in three years.
Bearish Factors
- Zoom slid roughly 4% in after-hours despite the beat, as full-year guidance of $5.085 to $5.095 billion in revenue landed only fractionally above the $5.09 billion consensus and Q3 guidance came in-line rather than raised.
- Morgan Stanley opened credit coverage on Nvidia with a Neutral rating on Wednesday, flagging that leverage risks are rising as the company underwrites more of its ecosystem, following the disclosed $105 billion OpenAI-Ohio backstop earlier this month.
- Nasdaq futures were down about 0.5% during Asian hours as investors trimmed exposure ahead of the print, a familiar de-risking pattern that has preceded several past Nvidia reports.
- Copper futures hit a new contract record above $6.727 per pound (approx $14,830 per tonne) on Wednesday, extending a run that is beginning to feed into cost pressure for chip packaging and server assembly.
- Canada announced retaliatory tariffs on roughly $20 billion of US goods effective September 8, ranging from 15% to 50% across steel, aluminium, dairy and seafood, after Trump raised US tariffs on Canadian autos and steel to 50%.
Asian Markets This Morning
Kospi closed at 6,808.21, up 65.47 points or 0.97%, back above the 6,800 level. Institutional investors were net buyers of about 760 billion won while foreign and retail investors combined were net sellers of about 2.36 trillion won. Samsung Electronics led with +1.75%. The Nikkei 225 added 0.62% to close at 66,261.94, back above the 66,000 level, with SoftBank Group supporting the tape. Australia’s ASX 200 was firm. Hong Kong’s Hang Seng was in the 25,500 zone in the last hour of Asia trade, with the CSI 300 nearby. MSCI’s broad Asia-Pacific-ex-Japan index was up 0.12% in early trading and is on track for a 2% monthly gain. The read is that the region is positioned for a Nvidia beat but not chasing risk aggressively into the number.
What Moved Wall Street Today
Tuesday was a chip-stock rally on falling yields and falling oil. Nvidia closed at $213.05, up 2.19%, snapping a seven-session losing streak that had run into Monday’s low. AMD, Broadcom, Micron and the broader SOXX all bounced. Moderna added 14.36% on strong Phase 3 melanoma-vaccine data, extending the biotech theme that also lifted the name +176.97% last Wednesday on cancer-prevention results. Dick’s Sporting Goods, which is not in the S&P 500, cratered 30.68% after cutting its outlook on Foot Locker acquisition weakness. Apple unveiled the M6 2nm chip alongside the M5 Ultra, with new Mac Mini and Mac Studio refreshes headlining the event.
The S&P 500 finished at 7,677.28, edging back toward its early-August all-time high near 7,700. The Dow logged a third straight winning session at 53,577.40. VIX slipped 2.52% to 15.45. Bitcoin traded near $80,000 during Asia hours Wednesday, extending last week’s 22% weekly advance and keeping Circle (CRCL) and Coinbase (COIN) on the leaderboard.
Assets in Focus
NVDA
Fiscal Q2 2027 print lands after the US close at 2:00 PM Pacific (2:30 AM IST on Aug 27). Company guide is $91 billion plus or minus 2%. Consensus is $92.2 billion. Bull-case sell-side is at $94 to $95 billion this quarter and $108 to $110 billion next quarter, driven by Blackwell ramp. Stock closed $213.05 (+2.19%) Tuesday after seven straight down sessions, sits 14.24% YTD and 10% below the May all-time high of $236.54. Analyst PTs average $304.73 with a 25 to 45% upside range. Options are pricing a rebound scenario back toward $220. The number that moves the tape is October-quarter guidance, not tonight’s headline.
ZM
Reported Q2 fiscal 2027 after the bell Tuesday. Revenue $1.277 billion, up 4.9% year over year, above the high end of the guide by $7 million. Adjusted EPS $1.55 versus $1.38 expected, a 12% beat. Enterprise revenue $787.5 million (+7.8% YoY, best in three years). AI Companion paid users +184% year over year. GAAP net income of $1.542 billion includes a $1.6 billion strategic investment gain tied to the company’s early Anthropic stake. Cash and marketable securities at $7.2 billion, with 3.7 million shares repurchased in the quarter. Stock fell about 4% in after-hours to $100.74 as FY27 revenue guidance of $5.085 to $5.095 billion only fractionally raised the bar and Q3 guidance came in-line.
AAPL
Unveiled the M6 2nm chip and M5 Ultra on Tuesday, with new Mac Mini and Mac Studio hardware built around the update. The 2nm move puts Apple ahead of the wider PC chip transition and re-anchors the Mac line for the holiday quarter. Stock was steady into the event. The read-across for the semiconductor cycle is that leading-edge 2nm capacity at TSMC is now shipping in volume, which lifts the whole Asian supplier chain going into 2027.
DRAM
The memory-cycle proxy has been the cleanest read on chip-name behaviour into Nvidia week. Samsung Electronics closed +1.75% in Seoul on Wednesday, SK Hynix rallied in ADR trade after last week’s $28.6 billion buyback confirmation, and Kospi added a full percent back above 6,800. The pattern says memory is being treated as long AI infrastructure, not just Nvidia beta. DRAM tradable retail proxy remains the way to express memory-cycle views without single-name gap risk.
CRCL
Circle stays on the crypto-name leaderboard as Bitcoin trades near $80,000 during Asia hours Wednesday, up roughly 22% over the past week on the Trump White House Clarity Act push with crypto CEOs. CRCL closed near $83.95 last Thursday (+6.79%) and has extended with BTC. Coinbase and Robinhood are the peer names moving in parallel. Any pullback in BTC on Nvidia-print risk-off could cap the run, so watch the Asia-hours BTC tape for the first read.
Index Levels to Watch
S&P 500 at 7,677.28 sits about 25 points below the early-August all-time high near 7,700, which acts as the immediate resistance reference. Downside reference is the 7,640 zone, Thursday’s prior low. Nasdaq at 26,151.30 sits below the June all-time closing high of 27,086.81, with 26,600 as the near-term reference to reclaim. Nasdaq 100 (NSDQ100) at 29,023.18 Monday close plus Tuesday’s move puts the index in the 29,190 zone. Nikkei at 66,261.94 has near-term reference at 66,590 and 66,820 above, with 66,000 as the level to hold. Kospi at 6,808.21 has 6,950 as the next reference above and 6,680 as the level to hold. Hang Seng near 25,500 has 25,720 above and 25,370 below as the immediate frame.
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Frequently Asked Questions
Q1. When does Nvidia report Q2 fiscal 2027 earnings?
After the US market close on Wednesday, August 26, 2026. The earnings call begins at 2:00 PM Pacific / 5:00 PM Eastern, which is 2:30 AM IST on Thursday, August 27.
Q2. What did Zoom report last night?
Q2 fiscal 2027 revenue of $1.277 billion (up 4.9% year over year, above the high end of guidance), adjusted EPS of $1.55 (versus $1.38 expected), and enterprise revenue growth of 7.8%. Stock fell about 4% in after-hours as FY27 guidance was only a fractional raise.
Q3. What is the consensus for Nvidia Q2 revenue tonight?
Consensus is approximately $92.2 billion. Nvidia's own guide is $91 billion plus or minus 2%, so consensus barely clears the top of the guide. Bull-case desks are at $94 to $95 billion, with Q3 whispers at $108 to $110 billion.
Q4. Where did Wall Street close on Tuesday, August 25?
S&P 500 at 7,677.28 (+0.32%), Nasdaq at 26,151.30 (+0.66%), Dow at 53,577.40 (+0.30%). The 10-year Treasury yield fell more than seven basis points to 4.625% and WTI crude dropped 3.1% to $82.36.
Q5. How did Asian markets trade on Wednesday morning?
Kospi closed at 6,808.21 (+0.97%) with Samsung +1.75%. Nikkei added 0.62% to 66,261.94. Hang Seng traded in the 25,500 zone. Nasdaq futures were down about 0.5% during Asia hours ahead of the Nvidia print.
