BofA expects Nvidia to report fiscal second-quarter revenue of $94 billion to $95 billion, topping the company’s $91 billion guidance. For the third quarter, the brokerage forecasts revenue of $107 billion to $108 billion, ahead of Wall Street consensus estimates of roughly $104 billion. Higher memory costs associated with Vera Rubin systems are expected to reduce margins by only around 60 basis points. BofA expects Nvidia’s gross margins to eventually stabilize between 73% and 74%, versus approximately 75% currently. The brokerage estimates Nvidia has committed about $70 billion in direct equity investments to AI ecosystem partners, including OpenAI and Anthropic.