NVIDIA Q2 Earnings Preview: Margin Pressure and Growth Deceleration

NVIDIA's Q2 earnings report (Aug 26) is the next major catalyst. Key signals: gross margin guided at 70.6% (pressure from HBM costs), $5.5B China H20 charge, and sovereign AI deal with Saudi HUMAIN. Hyperscaler spending remains strong but law of large numbers slows growth. The 7% options move reflects binary risk. Big Tech's $1T lease burden adds sustainability concerns. Investors are watching guidance and beat magnitude for signs of demand sustainability.