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Bank of America calls Nvidia’s Vera Rubin rollout a multi-quarter upgrade cycle
Bank of America expects Nvidia fiscal Q2 FY2027 revenue of $94 billion to $95 billion, projecting results above the company’s $91 billion guidance.
Bank of America is positioning Nvidia stock ahead of the company’s August 26 earnings report, arguing that the start of deliveries for its Vera Rubin next-generation platform could extend an upgrade cycle across multiple quarters, rather than just delivering a single quarter of upside.
In a note shared with Yahoo Finance on August 7, analyst Vivek Arya named Nvidia his top sector pick for fiscal Q2 FY2027 and projected revenue of $94 billion to $95 billion. That estimate is roughly $3 billion to $4 billion above Nvidia’s $91 billion guidance, and the guidance excludes China data center compute revenue, which Arya suggested could lift results if modest shipments resume.
Arya also expects Nvidia’s fiscal third-quarter guidance to reach $107 billion to $108 billion, compared with Wall Street modeling around $104 billion. For context, Nvidia reported fiscal Q1 FY2027 revenue of $81.6 billion, up 85% year over year, with data center revenue of $75.2 billion.
Bank of America cited Nvidia’s confirmation at GTC Taipei in June that Vera Rubin entered full production, with the platform pairing Rubin GPUs with a new Vera CPU. Nvidia said the platform is expected to be available from cloud partners in the second half of 2026, and the note highlighted that the build is targeted at power needs of 2 gigawatts. Arya has a $350 price target on Nvidia, implying about 56% upside from $223.96 at the time of the note.