AI行业点评报告：英伟达FY25Q3业绩持续高增，AI底层硬件之集大成者

Investment Rating - The industry investment rating is "Buy" [8] Core Insights - Nvidia's FY25Q3 performance continues to show high growth, with revenue reaching approximately $35.1 billion, a year-over-year increase of 94% and a quarter-over-quarter increase of 17%, exceeding previous guidance [2] - The company's GAAP net profit for FY25Q3 is approximately $19.3 billion, reflecting a year-over-year increase of 109% and a quarter-over-quarter increase of 16% [2] - The guidance for FY25Q4 indicates a positive outlook, with expected revenue of $37.5 billion and slight decreases in gross margin [2] Revenue Breakdown - Data Center: FY25Q3 revenue is $30.8 billion, up 112% year-over-year and 17% quarter-over-quarter [2] - Gaming and AI PC: FY25Q3 revenue is $3.3 billion, up 15% year-over-year and 14% quarter-over-quarter [2] - Professional Visualization: FY25Q3 revenue is $0.486 billion, up 17% year-over-year and 7% quarter-over-quarter [2] - Automotive and Robotics: FY25Q3 revenue is $0.449 billion, up 72% year-over-year and 30% quarter-over-quarter [2] Industry Developments - Nvidia's data center business is expanding globally, with significant deployments of its H200 and Blackwell architectures in cloud services by major companies like AWS and Microsoft [2] - Collaborations with telecom operators such as T-Mobile and Ericsson are underway to accelerate the commercialization of AI-RAN [2] - Nvidia's AI software is being utilized by leading consulting firms to help various industries accelerate AI adoption [2]