Danone(US:DANOY) 3 6 Ke·2025-11-20 01:35Core Insights - NVIDIA reported a total revenue of $57 billion for Q3 FY26, exceeding market expectations of $55.1 billion, with a sequential increase of $10.3 billion driven primarily by the ramp-up of Blackwell chip production [1][18] - The company anticipates Q4 FY26 revenue to reach $65 billion, a sequential increase of $8 billion, also above market expectations [3][5] Financial Performance - Gross margin for Q3 FY26 was 73.4%, a 1 percentage point increase from the previous quarter, aligning with market expectations [2][20] - Core operating profit for the quarter was $36 billion, a 65% year-over-year increase, with a core operating margin of 63% [3][29] - Net income for Q3 FY26 was $31.9 billion, reflecting a 65% year-over-year growth [32][33] Business Segments - Data center revenue reached $51.2 billion, a 66% year-over-year increase, with compute revenue contributing $43 billion and networking revenue $8.2 billion [23][24] - Gaming revenue was $4.26 billion, a 30% year-over-year increase, maintaining a significant lead over competitors like AMD [2][28] Market Outlook - The company expects continued growth driven by the Blackwell product cycle, with a projected shipment of 20 million units by the end of 2026, potentially generating $500 billion in revenue [5][15] - Concerns remain regarding competition from custom ASICs and the sustainability of AI capital expenditures from major cloud service providers [6][12] Competitive Landscape - NVIDIA maintains over 70% market share in the AI chip market, but faces increasing competition from companies like Broadcom and AMD, particularly in the inference stage of AI applications [10][27] - Major cloud service providers are projected to increase their capital expenditures to approximately $590 billion by 2026, which will support NVIDIA's growth [9][26] Product Development - Upcoming product launches include Rubin and CPX, expected to utilize TSMC's 3nm process technology, with further advancements planned for 2027 [12][14]