Financial Performance - Record-breaking Q3 revenue of $35.1 billion, up 17% QoQ and 94% YoY, surpassing expectations of $32.5 billion [1] - GAAP and non-GAAP gross margins at 74.6% and 75% respectively [1] - Data center revenue reached $30.8 billion, up 112% YoY [1] - Gaming revenue was $3.3 billion, up 15% YoY [1] - Automotive revenue hit a record $449 million, up 72% YoY [1] - Q4 revenue guidance of $37.5 billion, plus or minus 2% [2] Blackwell GPU and AI Strategy - Blackwell GPU in full production with strong demand, currently supply-constrained [1] - Blackwell initial gross margins expected to dip to low 70s (71%-72.5%) before recovering to mid-70s in H2 2025 [1][6] - Blackwell shipments to increase next quarter and continue growing [6] - Three scaling methods driving infrastructure demand: pre-training, post-training (RLHF and AI feedback), and inference-time scaling [4] - Next-gen models starting at 100,000 Blackwell chips, up from 100,000 Hopper chips [4] - Physical AI emerging as next wave, combining robotics and AI capabilities [5][9] Market Trends and Industry Shifts - Two major computing transitions: CPU to GPU shift and data centers becoming AI factories [6] - Global data center upgrade cycle to support machine learning architectures underway [7] - Generative AI creating new market opportunities with companies like Runway, OpenAI, and Harvey [7] - Sovereign AI becoming important growth area as countries build localized foundation models [12] Product Roadmap and Ecosystem - Blackwell production supported by global supply chain including TSMC, Amphenol, SK Hynix, Foxconn, Micron, Dell, HP, Supermicro, and Lenovo [5] - Network business preparing for Blackwell systems, expected to resume growth soon [10][11] - Omniverse platform supporting physical AI development [9] - Focus on reducing training and inference costs while improving energy efficiency [5][6] Business Segments and Outlook - Hopper demand expected to continue through early 2025 [2][6] - Gaming business facing supply constraints in Q4, expected to normalize in new year [12] - Inference market growth potential, with goal of enabling continuous inference across all applications [9] - Pre-training currently dominates compute resources, with focus on reducing inference costs [15] Competitive Landscape - Company committed to supporting customers while complying with government regulations, including potential US-China trade policies [14] - Strong ecosystem and architecture enabling rapid innovation across computing platforms [9]

2024年11月21日 来源：公司年报、国金证券研究所 英伟达(NVDA.NASDAQ) 买入(维持评级) 公司点评 证券研究报告 业绩持续高增,新产品即将出货拉动新 轮增长 业绩简评 2024 年 11 月 21 日公司发布 2025 财年第三季度财报: 1) FY3Q25 经营情况: 单季度营收 350.8 亿美元, YoY+94%, QoQ+17%,此前指引为 325 亿美元(+-2%),业绩表现超预期。 数据中心营收达 308 亿美元, YoY+112%, QoQ+17%。 2)FY4Q25 业绩指引:预计实现营收 375 亿美元(上下浮动 2%), 预计实现 GAAP 和 Non-GAAP 毛利率分别为 73.0%和 73.5%(均 上下浮动 0.5%)。 经营分析 Blackwell 良率问题得到解决,即将出货并将持续供不应求。公 司完成对 Blackwell 掩膜的更换,即将于 25 财年第四季度开始出 货。本季度,下游云厂商及互联网厂商持续投入大语言模型、生 成式 AI 的训练和推理,对 Hopper 系列产品的需求维持高位,H200 的出货量在本季度显著提升。展望下一季度,Blackwell ...

凌晨！英伟达，重要发布！ 当地时间周三，被视为美股未来几日走势催化剂的芯片巨头英伟达财报在盘后发布，多名美联储官员表 态支持谨慎降息，市场对美联储12月降息25个基点的预期进一步降温，投资者等候英伟达财报的同时谨 慎交易，美国三大股指全天小幅波动，收盘时涨跌不一。截至收盘，道指涨0.32%，标普500指数几乎 收平，纳指下跌0.11%。 英伟达2025财年三季度营收增速放缓 股价盘后一度下跌5% 投资者本周最关注的美股芯片巨头英伟达财报在周三盘后时段发布，英伟达股价当天收跌0.76%。财报 显示，公司在2025财年三季度的营收、每股收益以及毛利率等主要指标全部高于市场预期。不过，营收 增速整体延续放缓势头，当季同比增长94%，未能实现前几个季度多次出现的三位数涨幅。业绩指引方 面，公司对四季度营收指引的中值，没有全面超出分析师的预期范围。由于过去几个季度业务高速增 长，"全面优于分析师预期"成了市场对英伟达财报的"标准预期"，而本次财报未能全面超越分析师的纸 面预期，引发英伟达股价在周三盘后时段一度下跌5%。 （责任编辑：单晓冰） ...

To hear Jensen Huang tell it, Nvidia — and artificial intelligence (AI) in general — is just getting started. The CEO of the most valuable company in the world didn’t rest his laurels on a 94% year-over-year revenue growth number for Q3 and faced up to several questions about the future of his company as well as the general prospects for AIs growth for the rest of the decade.“Many AI services are running 24/7, just like any factory,” Huang told the earnings call audience. “We’re going to see this new type o ...

证券时报，证券时报网，由人民日报社主管主办，是证券市场权威信息披露媒体，也是中国资本市场的 重要信息披露平台。 提供全天候7*24小时财经证券类资讯，内容丰富，包括时报快讯、股市新闻、财经资讯、基金净值、债 券、期货、上市公司公告等，为用户提供全方位、最新鲜的财经信息。 打造了"信披168"综合服务专区，资本市场投教"星火计划"，是权威、全面的资本市场服务平台。 ...

Financial Data and Key Metrics - Revenue for Q3 2025 was $35.1 billion, up 17% sequentially and 94% year-on-year, significantly exceeding the outlook of $32.5 billion [9] - GAAP gross margin was 74.6%, and non-GAAP gross margin was 75%, down sequentially due to a mix-shift to more complex and higher-cost systems within Data Center [32] - The company returned $11.2 billion to shareholders through share repurchases and cash dividends in Q3 [33] - Q4 revenue is expected to be $37.5 billion, plus or minus 2%, with GAAP and non-GAAP gross margins expected to be 73% and 73.5%, respectively [34] Business Line Performance Data Center - Data Center revenue reached a record $30.8 billion, up 17% sequentially and 112% year-on-year, driven by strong demand for NVIDIA Hopper and H200 GPUs [11] - Cloud service providers accounted for approximately half of Data Center sales, with revenue increasing more than 2 times year-on-year [11] - NVIDIA H200 sales increased significantly, reaching double-digit billions, marking the fastest product ramp in the company's history [11] - NVIDIA GPU regional cloud revenue doubled year-on-year, with growth in North America, EMEA, and Asia Pacific regions [12] Gaming and AI PCs - Gaming revenue was $3.3 billion, up 14% sequentially and 15% year-on-year, driven by strong back-to-school sales and demand for GeForce RTX GPUs [28] - The company began shipping new GeForce RTX AI PCs with up to 321 AI TOPS, with Microsoft's Copilot+ capabilities anticipated in Q4 [29] Professional Visualization (ProViz) - ProViz revenue was $486 million, up 7% sequentially and 17% year-on-year, with NVIDIA RTX workstations remaining the preferred choice for professional graphics and AI-related workloads [30] Automotive - Automotive revenue reached a record $449 million, up 30% sequentially and 72% year-on-year, driven by the ramp of NVIDIA Orin and strong demand for self-driving solutions [31] Market Performance - Data Center revenue in China grew sequentially due to shipments of export-compliant products, though it remains below pre-export control levels [24] - Sovereign AI initiatives are gaining momentum, with countries like India and Japan building AI factories and supercomputers powered by NVIDIA GPUs [25] - Networking revenue increased 20% year-on-year, with strong demand for InfiniBand and Ethernet switches, SmartNICs, and BlueField DPUs [26] Company Strategy and Industry Competition - NVIDIA is focusing on ramping Blackwell production, with demand greatly exceeding supply. The company expects to exceed previous Blackwell revenue estimates [34] - Blackwell is a customizable AI infrastructure with multiple configurations, and the company is working to increase system availability and optimize configurations for customers [34] - The company is investing in data center infrastructure for hardware and software development, supporting new product introductions [35] - NVIDIA is positioning itself as a leader in the AI revolution, with a focus on generative AI, enterprise AI, and industrial AI [19][22] Management Commentary on Business Environment and Future Outlook - Management highlighted the strong demand for Hopper and Blackwell architectures, driven by the adoption of AI and accelerated computing [9][11] - The company expects continued growth in Data Center revenue, with Blackwell demand being "staggering" and supply constraints being a key focus [16][34] - Management emphasized the importance of inference scaling, with NVIDIA being the largest inference platform in the world [13][43] - The company is optimistic about the future of AI, with generative AI and industrial AI expected to drive significant growth in the coming years [19][22] Other Important Information - NVIDIA's software, service, and support revenue is annualizing at $1.5 billion, with expectations to exit the year at over $2 billion [22] - The company is integrating Blackwell systems into diverse Data Center configurations, with major partners like Oracle, Microsoft, and Google racing to deploy Blackwell at scale [16][17] - NVIDIA's upcoming release of NVIDIA NIM is expected to boost Hopper inference performance by an additional 2.4 times [14] Q&A Session Summary Question 1: Scaling for Large Language Models - Jensen Huang discussed the continued scaling of foundation models, post-training scaling, and inference time scaling, with demand for NVIDIA infrastructure remaining strong [41][42][43] Question 2: Blackwell Production and Supply Constraints - Jensen Huang confirmed that Blackwell production is on track, with demand exceeding supply. The company is working with multiple partners to ramp production [48][49][50] - Supply constraints are driven by the complexity of Blackwell systems, which involve multiple custom chips and configurations [51] Question 3: Blackwell Ramp and Gross Margins - Colette Kress explained that gross margins are expected to moderate to the low-70s during the Blackwell ramp, with a return to mid-70s margins as production scales [58] - Jensen Huang highlighted the importance of Blackwell's performance per watt, which drives customer revenues [54] Question 4: Inference Market Growth - Jensen Huang expressed optimism about the growth of the inference market, with NVIDIA positioned as the largest inference platform due to its large installed base [43][76] Question 5: Networking Business and Spectrum-X - Colette Kress noted that networking revenue was down sequentially but expects growth in Q4, driven by demand for InfiniBand and Spectrum-X Ethernet for AI [84] Question 6: Sovereign AI and Gaming Supply Constraints - Colette Kress confirmed that sovereign AI demand remains strong, with growth opportunities in Europe and Asia-Pacific [86] - Gaming supply constraints are due to strong demand and the company's focus on ramping Data Center products [87] Question 7: Sequential Growth and China Business - Jensen Huang emphasized that the company guides one quarter at a time and will comply with any new regulations under the new US administration [92][94] Question 8: Compute Allocation in AI Ecosystem - Jensen Huang discussed the current focus on pre-training foundation models, with post-training and inference scaling also growing in importance [97][98]

Nvidia raked in more than $19 billion in net income during the last quarter, the company reported on Wednesday, but that did little to assure investors that its rapid growth would continue. On its earnings call, analysts prodded CEO Jensen Huang about how Nvidia would fare if tech companies start using new methods to improve their AI models.The method that underpins OpenAI’s o1 model, or “test-time scaling,” came up quite a lot. It’s the idea that AI models will give better answers if you give them more tim ...

NVIDIA founder, President and CEO Jensen Huang speaks about the future of artificial intelligence and its effect on energy consumption and production at the Bipartisan Policy Center on September 27, 2024 in Washington, DC.After a quarter where Nvidia's sales nearly doubled, investors and analysts are wondering how long the chipmaker can keep this kind of growth going now that it has a $140 billion annual revenue run rate.Those hopes fall on Blackwell, which is Nvidia's name for a family of server products b ...

"We're in an asset bubble, and TQI can help you navigate it profitably"I am Ahan Vashi, a seasoned investor with professional background in equity research, private equity, and software engineering. I currently serve as the Chief Financial Engineer at The Quantamental Investor, a community pursuing financial freedom through bold, active investing with proactive risk management. TQI was established in July 2022 with a singular mission to make investing simple, fun, and profitable for all investors. In alignm ...

Wednesday, November 20, 2024Market indexes were flat on the day today, with some mixed big-box retail earnings numbers from Target (TGT) which missed and TJX Companies (TJX) which beat, but without a lot to hang our hat on. The major indexes were in the red most of the day; only the Nasdaq was (slightly) there at the close.The Dow gained +139 points on the session, +0.32%, while the S&P 500 was virtually flat at +0.008% at the close and the small-cap Russell 2000 was +0.045% on the day. The Nasdaq posted a ...