Nvidia(US:NVDA) 3 6 Ke·2025-11-20 01:12Core Viewpoint - Nvidia's Q3 FY26 financial results exceeded Wall Street expectations, showcasing significant growth in revenue and net profit driven by strong demand for AI infrastructure and GPU sales [1][2]. Financial Performance - Nvidia reported revenue of $57.006 billion, a year-over-year increase of 62% and a quarter-over-quarter increase of 22% [1][9]. - Non-GAAP net income reached $31.767 billion, reflecting a 59% year-over-year growth and a 23% quarter-over-quarter increase [9]. - The company achieved a non-GAAP gross margin of 73.6%, up 0.9 percentage points from the previous quarter but down 1.4 percentage points year-over-year [8][9]. Revenue Breakdown - The data center segment generated $51.215 billion, a 66% increase year-over-year and a 25% increase quarter-over-quarter [7][9]. - The compute segment contributed $43.028 billion, with a 56% year-over-year growth and a 27% quarter-over-quarter increase [7][9]. - Networking revenue surged by 162% year-over-year, reaching $8.187 billion [7][9]. - Gaming and professional visualization segments also saw growth, with gaming revenue at $4.265 billion (30% year-over-year) and professional visualization at $760 million (56% year-over-year) [7][9]. Market Dynamics - Nvidia's CEO highlighted three major platform transitions: the shift from CPU to GPU computing, the rise of generative AI applications, and the emergence of Agentic AI [1][10]. - The demand for AI infrastructure is outpacing Nvidia's expectations, with major cloud service providers experiencing sold-out capacities [2][10]. - Nvidia's partnership with Anthropic, involving a combined investment of $15 billion, underscores the company's strategic positioning in the AI market [12]. Future Outlook - Nvidia anticipates revenue of $65 billion for Q4 FY26, with a projected non-GAAP gross margin of 75% [9][14]. - The company expects to benefit from increased capital expenditures in the AI infrastructure sector, with top cloud providers' spending projected to reach $600 billion, up $200 billion from earlier estimates [14].