TMTB: NVDA SNOW CRWD NTAP First Takes

NVDA-3%: Looks ok - Q2 Revs missed bogeys but came in line with street. Q3 Rev guide roughly inline with bogeys at $54B. Networking beat by $2b and DCs missed on China.

No H20 shipments to China in outlook

GMs slightly better at 72.7% vs 72.1%. the GM guide of 73.5% looks solid as buyside was a bit lower at 73%.

$60B buyback - 1.35% of mkt cap

Nothing enough here to change anyone’s view. Focus will remain on BW ramp going forward. And on we go…

"We continue to ramp our Blackwell architecture, which grew 17% sequentially, including our newest architecture, Blackwell Ultra. We recognized Blackwell revenue across all customer categories, led by large cloud service providers, which represented approximately 50% of Data Center revenue"

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SNOW: 32% product growth, well ahead of buyside at 28% and RPO +33%

SNOW following MDB as the latest infra sw stock to beat big with 4th straight beat. Rev beat was 2nd biggest beat Since Q1’23. Product growth accelerated 4ppts on a 4ppts easier comp. The comps continue to get easy going forward for 3 quarters so bulls will pencil in something close to 35% product growth exiting FY26. Similar print and go fwd set up to MDB with similar “AI winner” narrative although SNOW already more well-liked among investors.

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CRWD -5%: NNARR slightly light vs buyside expects