Jensen Huang Confirms Nvidia Revenue on Track to Hit $100B/Quarter and Rubin Ultra on Schedule in Morgan Stanley Roadshow

In early July 2026, Morgan Stanley held a private non-deal roadshow (NDR) with Nvidia's top leadership. CEO Jensen Huang, CFO Colette Kress, and the head of investor relations participated directly, signaling the company's intent to personally address market questions about product timelines, ASIC competition, and growth sustainability . The roadshow minutes, summarized by multiple financial news outlets, reveal two major takeaways: quarterly revenue is on the cusp of $100 billion, and the Rubin Ultra platform is not delayed .

Quarterly Revenue Nearing $100 Billion

Huang confirmed that Nvidia's single-quarter revenue is approaching $100 billion and is expected to exceed that milestone within the near term . This trajectory is underpinned by concrete financial results:

• Record Q1 FY2027 revenue of $81.6 billion (quarter ended April 26, 2026), up 85% year-over-year .
• Q2 FY2027 guidance of approximately $91 billion (plus or minus 2%), which implies roughly 95% YoY growth .

These figures, reported in Nvidia's official Q1 FY2027 press release on May 20, 2026, show accelerating growth: revenue surged from $68.1 billion in Q4 FY2026 (up 73% YoY) to $81.6 billion in Q1 FY2027, a 20% sequential increase . The company is not assuming any data center compute revenue from China in its Q2 outlook, making the guidance even more notable .

Rubin Ultra Delay Rumors — Directly Refuted

Huang personally addressed market FUD (fear, uncertainty, doubt) regarding a potential delay of the Rubin Ultra platform. He categorically denied the rumors, confirming that Rubin Ultra will ship next year (2027) as planned . Per roadshow minutes cited by multiple sources, the company stated that recent stories claiming a Rubin Ultra slip are "not true" .

The roadshow also noted that while the form factor is changing — the Kyber rack is being replaced by a "better solution" — the schedule remains intact . This aligns with the company's long-stated roadmap: at CES 2026, Nvidia announced that the Rubin platform was in full production, with the Vera Rubin GPU on track for a second-half 2026 launch and the Rubin Ultra following in 2027 . At the GTC conference in March 2025, Huang had already set the expectation that Rubin Ultra would arrive in the second half of 2027 .

Supporting Financial Figures & Morgan Stanley Price Target

The table below summarizes the key figures discussed in the roadshow and supporting earnings reports:

Metric	Figure	Source(s)
Q1 FY2027 reported revenue	$81.6B (record, +85% YoY, +20% QoQ)
Q2 FY2027 guidance	~$91B (±2%)
Full FY2026 revenue	$215.9B (+65% YoY)
Q4 FY2026 revenue	$68.1B (+73% YoY)
Morgan Stanley price target (May 2026, pre-earnings)	$285 (Overweight)
Morgan Stanley price target (post-earnings roadshow)	$288

Revenue Acceleration

Nvidia's $215.9 billion in full fiscal 2026 revenue represented a 65% year-over-year surge from $130.5 billion in FY2025 . The growth accelerated in Q1 FY2027, with revenue rising 85% YoY and 20% sequentially, driven by strong demand for the Blackwell architecture including GB372 systems from hyperscalers and frontier model builders . The Data Center segment alone reached a record $75.2 billion in Q1, up 92% YoY .

Morgan Stanley's Bullish Stance

Morgan Stanley analyst Joseph Moore raised the price target to $285 ahead of Q1 earnings in May 2026, citing an anticipated beat-and-raise and Nvidia's path to $1 trillion in combined Blackwell and Rubin revenue across calendar years 2025–2027 . After the earnings beat, the firm further raised the target to $288 per a follow-up roadshow note, maintaining an Overweight rating .

Morgan Stanley's confidence is rooted in Nvidia's accelerating growth trajectory and the reaffirmed roadmap. As analyst Moore highlighted, consensus estimates for total datacenter revenue over 2026–2027 stood at $785 billion, while Morgan Stanley's updated forecast reached $884 billion .

Key Caveat

The roadshow was a private non-deal event. The most detailed public summaries come from financial news aggregators citing Morgan Stanley's distributed minutes, not a direct transcript . The core claims — revenue on track to exceed $100B/quarter and Rubin Ultra on schedule — are consistent across multiple independent summaries published July 12, 2026 . These are further supported by Nvidia's official SEC filings and press releases reporting the Q1 FY2027 financial results .