Nvidia cuts FY28 gross margin outlook to 72%-73% as Rubin ramp seen slipping into 2027
AI Market Summary
Nvidia lowered its FY28 gross margin outlook to 72%–73% versus ~75% in FY27 Q2, signaling less favorable mix and/or cost dynamics as Rubin scales. Reports that Rubin's meaningful volume ramp could slip into 2027 and management's view that Rubin is ~20% of Q3 data-center revenue raise execution and product-cycle risk. However, resilient price action keeps focus on strong revenue-growth expectations, muting near-term downside.
Impact level
● Medium
Affected assets
NCSKNVDA2USD/USDT-0.05%
AI Insight · NCSKNVDA2USD/USDTAI Insight
● Neutral
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Nvidia lowered its FY28 gross margin guidance to 72%-73%, down from the companywide 75% reported in Q2 FY27. Some analysts expect meaningful mass production ramp-up for the Rubin chip to be delayed into 2027. Management expects Rubin to account for only about 20% of Q3 data center revenue.
