Nvidia(US:NVDA) Xin Lang Cai Jing·2025-11-20 12:25Core Insights - Nvidia's FY26Q3 earnings report exceeded expectations, with significant revenue and profit growth, reinforcing its position as a leader in the AI chip market [3][5][8] Financial Performance - Revenue reached $57 billion, a 63% year-over-year increase and a 22% quarter-over-quarter increase, surpassing market expectations of $54.95 billion [5] - GAAP net profit was $31.91 billion, up 65% year-over-year and 21% quarter-over-quarter, significantly exceeding the consensus estimate of $29.38 billion [8] - Non-GAAP net profit was $31.78 billion, a 59% year-over-year increase and a 23% quarter-over-quarter increase, also above market expectations [8] Data Center Segment - Data center revenue for Q3 was $51.2 billion, a 66% year-over-year increase and a 25% quarter-over-quarter increase, accounting for 90% of total revenue [7] - The Blackwell Ultra platform significantly contributed to this growth, with Blackwell revenue at $41 billion [12] Gaming Segment - Gaming revenue for Q3 was $4.3 billion, a 30% year-over-year increase, but a slight decline of 1% quarter-over-quarter due to seasonal inventory adjustments [13] Future Guidance - For Q4, Nvidia expects revenue of $65 billion, a 65% year-over-year increase, driven by the Blackwell Ultra platform [15] - GAAP net profit guidance for Q4 is $35.2 billion, a 59% year-over-year increase, with Non-GAAP net profit expected at $36.7 billion, a 66% increase [15] Market Position and Strategy - Nvidia maintains a significant competitive advantage over AMD, with projected gross margins of 75% compared to AMD's guidance of 55%-58% [16] - The company anticipates a continued surge in AI demand, with a projected global AI capital expenditure reaching $3-4 trillion annually by 2030 [21] Shareholder Returns - Nvidia repurchased $12.5 billion in shares and paid $243 million in dividends during the quarter, with remaining buyback authorization of $62.2 billion [21]