Nvidia’s Earnings Beat Ignites Tech Rally and Lifts Bitcoin

Nvidia’s latest earnings beat and stronger-than-expected outlook sparked gains across technology stocks, Bitcoin and AI infrastructure companies on Thursday.

Nvidia shares climbed roughly 8% in premarket trading after the AI chipmaker exceeded Wall Street forecasts and raised expectations for the coming quarter, boosting broader sentiment across the tech and crypto markets.

The Invesco QQQ rose more than 1%, while Bitcoin gained over 1% during the previous 24 hours and moved closer to $80,000. AI infrastructure stocks also advanced, with IREN up about 5% and both TeraWulf and Cipher Mining gaining around 3%.

For fiscal Q2, Nvidia reported $96.2 billion in revenue, well above the $92.27 billion analyst consensus. Adjusted EPS came in at $2.22, beating the $2.09 estimate.

Nvidia projected $108 billion in fiscal Q3 revenue, exceeding Wall Street’s $103.9 billion forecast.

The company expects revenue to increase by approximately 70% in fiscal 2028, even though customers have indicated that demand could potentially double. Nvidia said supply limitations are likely to remain the main obstacle to meeting that demand through the end of the fiscal year.

CEO Jensen Huang said AI agents could consume 15 to 100 times more computing power than traditional interactions driven by human prompts.

However, rising costs could pressure profitability. Nvidia expects gross margins to reach a low of around 71% to 72% in Q4, partly because of higher memory costs. The company also excluded China data-center computing revenue from its outlook amid continuing geopolitical uncertainty.

In another major development, The Information reported that Nvidia has agreed to acquire Hugging Face for $12.9 billion.

The acquisition would give Nvidia ownership of a major platform for distributing and deploying open-source AI models. It would also broaden Nvidia’s reach beyond chips and data-center infrastructure, strengthening its position across the wider AI software ecosystem.