Nvidia(US:NVDA) 3 6 Ke·2025-11-24 08:32Core Viewpoint - Nvidia's latest earnings report for Q3 FY2026 showcased remarkable growth, with revenue reaching $57 billion, a 62% year-over-year increase, and adjusted net income of $31.9 billion, up 65% year-over-year, significantly surpassing Wall Street expectations [1][2][14]. Financial Performance - Revenue: $57,006 million, up 62% year-over-year and 22% quarter-over-quarter [2] - Gross Margin: 73.4%, a slight decrease of 1.2 percentage points year-over-year [2] - Operating Expenses: $5,839 million, up 36% year-over-year [2] - Operating Income: $36,010 million, up 65% year-over-year [2] - Net Income: $31,910 million, up 65% year-over-year [2] - Diluted Earnings Per Share: $1.30, a 67% increase year-over-year [2] Market Reaction - Despite strong earnings, Nvidia's stock price fell over 3% after initially rising 5%, reflecting market skepticism about future growth sustainability [1][5]. Business Segments Performance - Data Center Revenue: $51.2 billion, up 66% year-over-year, accounting for nearly 90% of total revenue [8][10]. - Gaming Revenue: $4.265 billion, up 30% year-over-year [12]. - Professional Visualization Revenue: $760 million, up 56% year-over-year [12]. - Automotive and Robotics Revenue: $592 million, up 32% year-over-year [12]. Strategic Challenges - Market Repositioning: Nvidia is being viewed as a cyclical hardware supplier, raising concerns about the sustainability of cloud spending [7]. - Customer Concentration: Major clients like Microsoft and Google are developing their own chips, threatening Nvidia's market position [7][21]. - Geopolitical Risks: Ongoing export restrictions to China are limiting growth opportunities in a previously lucrative market [7][22]. Future Outlook - Nvidia anticipates Q4 revenue of $65 billion, exceeding analyst expectations [14]. - The company is focusing on rapid technology iterations and expanding its ecosystem through software platforms [27][30]. - Concerns about potential market saturation and competition from self-developed chips by major clients persist [20][21]. Investment Sentiment - Institutional investors are showing caution, with significant sell-offs from major funds, reflecting a shift towards risk management [33][35]. - The debate over whether AI stocks are in a bubble continues, with contrasting views on Nvidia's long-term growth potential [37].