Nvidia (NVDA) is likely to substantially beat Q2 revenue expectations and to provide a strong Q3 revenue outlook, UBS said in a note Friday.

UBS expects Nvidia to beat Q2 revenue estimates by about $3 billion to $4 billion and sees Q3 revenue guidance at about $107 billion to $108 billion. The bank expects revenue to ultimately exceed $110 billion in the October quarter.

UBS raised its 2026 revenue estimate to $418 billion from $416 billion and its 2027 estimate to $681 billion from $649 billion.

It also raised its GPU unit forecasts by 2% for 2026 and 17% for 2027, to about 8.8 million and 10.8 million units, respectively.

UBS maintained its buy rating and $280 price target.

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