Nvidia(US:NVDA) Sou Hu Cai Jing·2025-11-20 10:43Core Viewpoint - Nvidia's FY26Q3 financial report indicates a robust demand for AI computing power, with a significant revenue forecast of $500 billion from the Blackwell and Rubin platforms by the end of 2026, amidst a backdrop of global GPU shortages and a backlog of 5 million orders [1][2][30]. Financial Performance - Revenue reached $57.01 billion, exceeding expectations by nearly $2 billion and showing a year-over-year increase of 62% [2][3]. - Adjusted net profit was $31.7 billion, translating to an average daily profit of $350 million, surpassing the annual revenue of many tech companies [2][4]. - Adjusted gross margin was 73.6%, with a target of 75% for FY27, reflecting improved profitability [5][7]. Business Segments - Data center revenue was $51.2 billion, accounting for 90% of total revenue, with a year-over-year growth of 66% [9]. - The computing business grew by 56%, supported by the GB300 product line [10]. - Networking revenue doubled to $8.2 billion, driven by NVLink and Spectrum-X [13]. - Gaming revenue was $4.3 billion, up 30% year-over-year, while professional visualization and automotive segments also showed strong growth [16]. Demand and Orders - Nvidia reported a staggering demand for GPUs, with a backlog of 5 million units and a projected revenue visibility of $500 billion from AI projects through 2026 [18][30]. - Major partnerships include a 1 GW computing power agreement with Anthropic and a three-year supply deal with Saudi Arabia for 400,000 to 600,000 GPUs [18]. Technological Advancements - The Blackwell platform, particularly the GB300, is expected to dominate the market, offering performance improvements over previous models [19]. - The upcoming Rubin platform, set to launch in late 2026, aims for significant performance enhancements [19][31]. Strategic Partnerships and Supply Chain - Nvidia's growth is supported by strategic partnerships across various sectors, including collaborations with OpenAI and traditional industries like Caterpillar and Toyota [22][25]. - The company is focused on building a resilient global supply chain, with key partnerships with TSMC and other suppliers to ensure production capacity [26][27]. Future Outlook - Nvidia's financial results challenge the notion of an AI bubble, demonstrating real demand and profitability in the AI sector [30]. - Key indicators for future growth include meeting revenue targets for FY26Q4, successful launch of the Rubin platform, and maintaining supply chain stability [30][31].