JPMorgan: Sees Upside to NVIDIA's October Guidance at 107 Billion, H200 China Shipments Remain Uncertain

According to TechFlow Research, JPMorgan's August 24, 2026 research report indicates that NVIDIA's revenue for its fiscal 2027 second quarter (the July quarter) is expected to fall within the $94 billion to $95 billion range, slightly above the market consensus of $92.1 billion. GB300 rack shipments increased by approximately 15% quarter-over-quarter to 17,000 to 18,000 units. Revenue guidance for the October quarter may reach $107 billion to $108 billion, roughly 3% higher than the market consensus of $104.5 billion, primarily driven by initial Vera Rubin shipments and the ramp-up of China H200 deliveries. JPMorgan estimates that every 100,000 H200 chips shipped generates approximately $3 billion in incremental revenue, with early signs of customer deliveries for the China H200 already emerging recently.