Ge Long Hui·2025-11-24 07:54Core Viewpoint - The report from CMB International indicates that NVIDIA's Q3 results for the fiscal year ending in October and guidance for the fiscal year ending in January exceeded expectations, highlighting strong demand and potential for further growth [1] Financial Performance - For the last fiscal quarter, NVIDIA reported revenue of $57 billion and Non-GAAP earnings per share of $1.30, both surpassing market and CMB International's expectations [1] - The gross margin was reported at 73.6%, which met expectations [1] Future Guidance - Management reiterated the revenue guidance of $500 billion combined for Blackwell/Rubin over the next two years, with potential for further upward revisions [1] - CMB International has raised its revenue forecasts for fiscal years 2026 to 2028 to $213.8 billion, $304.4 billion, and $355.4 billion respectively [1] Margin and Earnings Projections - The Non-GAAP gross margin forecasts have been adjusted to 71.4%, 75%, and 75.1% for the fiscal years 2026 to 2028 [1] - Non-GAAP earnings per share estimates have been increased to $4.64, $7.01, and $8.15 for the same fiscal years [1] Target Price and Rating - The target price for NVIDIA has been raised to $245, maintaining a "Buy" rating [1]