Nvidia(US:NVDA) Zheng Quan Shi Bao Wang·2025-11-20 04:32Core Viewpoint - Nvidia's latest earnings report for the third quarter of fiscal year 2026 significantly exceeded expectations, showcasing strong revenue growth and robust guidance for the upcoming quarter, alleviating concerns about an "AI bubble" in the market [3][6]. Financial Performance - For the third quarter of fiscal year 2026, Nvidia reported revenue of $57.01 billion, representing a substantial year-over-year increase of 62%, surpassing analyst expectations of $55.19 billion [3][4]. - Adjusted operating profit reached $37.75 billion, also up 62% year-over-year, exceeding the forecast of $36.46 billion [4]. - Research and development expenses increased by 39% year-over-year, while the market had anticipated a 46% rise [4]. Profitability Metrics - The adjusted gross margin was reported at 73.1%, reflecting a year-over-year increase of 1.4 percentage points, although slightly below the analyst expectation of 73.7% [5]. Future Guidance - For the fourth quarter of fiscal year 2026, Nvidia expects revenue to be around $65 billion, which is above market expectations [7]. - The adjusted gross margin is projected to be between 74.5% and 75.5%, with the median analyst expectation at 74.6% [8]. Market Demand and Product Performance - Nvidia's CEO highlighted that the sales of the latest Blackwell architecture chips have exceeded expectations, with cloud GPUs sold out [9]. - The demand for computing in both training and inference areas is accelerating, with both showing exponential growth [9]. - The AI ecosystem is rapidly scaling, with an increasing number of new foundational model developers and AI startups emerging across various industries and countries [10][11]. Product Insights - The best-selling chip series currently is the Blackwell Ultra, which is the second generation of Blackwell chips, with demand consistently exceeding expectations [13]. - Nvidia anticipates $500 billion in revenue from the Blackwell and Rubin projects [13]. - The A100 GPUs, released six years ago, are still operating at full capacity, indicating an extended lifespan for GPUs [13]. - The Rubin chip is expected to enter mass production in the second half of 2026 [13].