Fast Money 8/26/26

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**Brian Sullivan** (0:58)
Live from the NASDAQ market site in the heart of New York City's Times Square, this is Fast Money. Big night. Here's what's on tap. NVIDIA, a big beat. Revenue more than doubling from a year ago, but a double is not a home run. And the stock is mostly flat right now, but we're going to go inside the numbers. We'll get the latest. The conference call about to kick off, and then Jensen Wong with Jim coming up after that. Plus, the medals, metas, massive settlement, he said. The details on it's up to $17 billion deal, 47 states and the District of Columbia, but the state of Florida, not part of the deal. That state's attorney general will join us to tell us why not. Later on, just not doing it or doing something. Nike shares falling again. New lows. We'll dig into the charts and whether or not anything can turn around, mighty foot well, footwear and apparel maker. We'll debate and discuss. Hi everybody. I am Brian and for Melissa once again tonight, coming to you as always live from Studio B right here at the NASDAQ and on your desk on a big night, Steve Grasso, Guy Dami, Tim Seymour and Katie Stockton, founder and managing partner of Fairlead Strategies. We're going to get around this desk, but we got to begin with this.
The better than expected earnings out of Nvidia. It reported revenue more than double. Nvidia, though, shares, they're up a little bit, right? I mean, I say a little bit. I mean, like, 300s of 1%.
Christina Parts-Denvelis, following the numbers, on set with us now.
What is the sort of big takeaway? I know we got the call. What's the takeaway so far?

**Christina Partesides** (2:32)
Well, they performed the obvious, beat and raised again, biggest beat in two years, roughly at the pace of recent quarters. But after a run like this, in line just really isn't enough anymore. The quarter ahead guide came in at 108 billion bucks, comfortably above Wall Street expectations, don't get me wrong, at 104, yet still shy of the buy side whisper number, which is closer to 109 It seems to be more of an emphasis on buy side numbers. The more telling change was in how NVIDIA reports. It splits revenue between hyperscalers and everyone else, like it's AI Cloud, industrial, enterprise customers, and that's a way to show growth beyond the big cloud buyers who are increasingly becoming rivals. Hyperscale revenue more than doubled, up to 102%.
Everything else actually climbed 138%, so it's showing it's growing at a faster pace. The soft spot, margins. Gross margins guided to 74% next quarter, which was down from 75% this quarter, and just under the 74.7% the street wanted, pressured by rising memory and component costs. On supply side, NVIDIA's purchase commitments also jumped from 119 billion to 279 billion, mostly memory. And so the takeaway from that, and I bring that up, is important. Anyone can design a chip, OpenAI the latest, right? The few can lock up the supply chain to build at that scale. So that is why that number is important. One also to watch, NVIDIA disclosed 15 year data center leases, starting in fiscal 2028 and 2029, that it plans to hand off to third parties, a sign of how deep it's waiting into the build out, well beyond selling chips until it reassigns the lease, it's carrying that obligation. Again, raising concerns about what's on the balance sheet. And to your point, you can see on the screen, NVIDIA CEO will join Jim Cramer on Mad Money in the next hour.

**Brian Sullivan** (4:11)
All right, so Jim can ask Jensen this, but for now, I'm going to ask you this, because you're my Jensen proxy for now, Christina Parts and Evalest. A couple of things you said caught my ear. Number one, you talked about increased competition. I know that everybody's now sort of seems like they're competing with each other, OpenAI, a customer, but also doing its own chips. Talk to us about competition. Also, gross margins may have been down a touch.