US Open: Nvidia breaks the curse – 7% gain drives the Nasdaq! (27.08.2026)

Yesterday's Q2 report from Nvidia was perhaps the most anticipated release of the near-concluding earnings season. The world's largest company by market capitalisation sought to break an infamous curse – in each of the last four quarters, the stock recorded declines following earnings results.

Initially, there were many indications that history would repeat itself – 15 minutes after the release, in pre-market trading, the shares were down about 2%. However, the market quickly revised its view. At 2:30 PM, following the opening of the US market, the gain reached 6%. It is currently over 7.5%. We have not seen such a positive reaction since 22 May 2024, when the report for Q1 FY25 was published.

Figure 1: Nasdaq 100 Heatmap (27.08.2026)

Source: XTB Research, 27.08.2026

Nvidia, by delivering excellent results, proved that the AI-driven bull market is not over. However, the optimism did not spread widely across the entire semiconductor sector, which is a rather unusual event. While Broadcom (+3.2%), Intel (+3%), and ARM (+1.7%) are gaining, many other companies in the sector are currently in the red (AMD, Micron, KLA, Applied Materials, Marvell). This could obviously suggest some overheating. Some investors may be reluctant to further increase the sector's weight in their portfolios. It is worth noting that, following this year's growth, it already accounts for over 30% of the entire Nasdaq 100 index.

Although the Nasdaq 100 is rising by 1.1% today, it is difficult to speak of a broad improvement in sentiment. Due to Nvidia's very high weight in the index (nearly 13%), it is solely responsible for the majority (nearly 1 pp.) of this move.

The situation is similar for the S&P 500. If we were to exclude the move generated by Nvidia (nearly 0.6 pp.), the index would be barely in the green (it is currently rising by just over 0.6%).

But what did the results presented by the company actually look like?

• Revenue grew by 106% y/y, reaching $96.2bn (consensus $92.2bn).
• The data centre segment grew even faster, by 117% y/y, generating $89bn.
• Adjusted EPS rose by 120% y/y to $2.22 (consensus $2.10).
• Adjusted gross margin was 75% (higher than a year ago, when it was 72.4%).

However, more important from the perspective of many investors were the forecasts, which were revised upwards more strongly than expected.

• In Q3 FY27, revenue is expected to reach $108bn (consensus $104.2bn).
• At the same time, the margin is expected to remain at nearly the same high level as in Q2 FY27 (74%).
• It is worth noting that the forecast assumes zero revenue from the data centre segment in China.

Risks:

• The company is still dealing with "some supply-side constraints".
• The three largest clients account for 44% of revenue in total.

Figure 2: Winners and Losers in the S&P 500 (27.08.2026)

Source: XTB Research, 27.08.2026

Company news

Salesforce (CRM.US): After publishing its Q2 results, the company's shares are up by over 20%. This is the result of the firm raising its full-year forecasts and announcing an expanded partnership with Anthropic. Additionally, adjusted operating income for the second quarter beat analysts' expectations.

Okta (OKTA.US): Okta is also recording strong gains (+26.6%). The software enterprise raised its full-year forecasts for key indicators, including adjusted earnings and revenue.

CrowdStrike (CRWD.US): CrowdStrike also beat market estimates. The company raised its full-year revenue forecasts, and its shares are rising by over 17%.

Wendy's (WEN.US): Conversely, the fast-food chain Wendy's is clearly in the red (-13%). As reported by Reuters, the Trian Fund Management fund, managed by Nelson Peltz, currently has no plans to submit a takeover bid for the company to take it private.