Nvidia(US:NVDA) Sou Hu Cai Jing·2025-11-20 02:37Core Insights - Nvidia reported a record revenue of $57.01 billion for Q3, with a year-over-year growth rate of approximately 60% [1][4] - The data center business contributed $51.2 billion, accounting for nearly 90% of total revenue [1][4] - Nvidia's Q4 revenue guidance is set at $65 billion, exceeding Wall Street's expectations of $61.6 to $62.2 billion [1][9] Financial Performance - Q3 revenue reached $57.01 billion, a 62% increase year-over-year [4][5] - Net income for Q3 was $31.77 billion, up 59% from the previous year [5] - Adjusted earnings per share were $1.30, surpassing market expectations of $1.25 [4][5] - Adjusted gross margin was 73.6%, a slight decline of 1.4 percentage points year-over-year [4][5] Business Segments - The data center segment achieved record revenue of $51.2 billion, reflecting a 66% year-over-year increase [5][6] - The computing (GPU) business generated $43 billion in revenue, while networking contributed $8.2 billion [6] Shareholder Returns - Nvidia returned $37 billion to shareholders in the first nine months of FY26, including stock buybacks and cash dividends [9] - The company has $62.2 billion remaining in share repurchase authorization [9] Market Outlook - Nvidia's Q4 revenue guidance indicates continued growth momentum, with expectations of $65 billion, significantly above analyst forecasts [9][10] - The company has secured AI chip orders totaling $500 billion for 2025 and 2026, with potential for further growth [11][12][13] Management Commentary - CEO Jensen Huang emphasized the difference between the current AI landscape and the internet bubble, asserting that AI is fundamentally transforming workloads [10] - Huang noted that demand for cloud GPUs is exceptionally high, with all units sold out [10]