英伟达（NVDA.O）FY26Q3跟踪报告：Q3营收及Q4指引均超预期，公司表示未见明显AI泡沫

Investment Rating - The report maintains a "Buy" recommendation for NVIDIA and its related industry chain companies, highlighting potential investment opportunities in server hardware components and domestic computing power manufacturers [9]. Core Insights - NVIDIA reported a record revenue of $57 billion for FY26Q3, representing a year-over-year increase of 62% and a quarter-over-quarter increase of 22%, exceeding expectations [1][14]. - The data center segment showed strong growth, with revenue reaching $51.215 billion, up 66.4% year-over-year and 24.6% quarter-over-quarter, driven by the transition to accelerated computing and generative AI [2][15]. - The company expects continued high growth in FY26Q4, with a revenue guidance midpoint of $65 billion, reflecting a year-over-year increase of 65.3% and a quarter-over-quarter increase of 14% [3][36]. - NVIDIA's Blackwell platform momentum is strong, with the GB300 product contributing significantly to revenue, and the AI ecosystem is rapidly expanding without signs of a bubble [4][37]. Summary by Sections Financial Performance - FY26Q3 revenue was $57 billion, with a non-GAAP gross margin of 73.6%, slightly below the previous year but above guidance [1][33]. - The operating expenses increased by 11% quarter-over-quarter, primarily due to rising costs in infrastructure and employee compensation [1][33]. Data Center Growth - Data center revenue reached $51.215 billion, with a significant contribution from the GB300 product, which accounted for about two-thirds of Blackwell's total revenue [2][20]. - The network products segment saw a revenue increase of 164.5% year-over-year, driven by advancements in NVLink and Spectrum-X technologies [2][22]. Future Outlook - The guidance for FY26Q4 indicates a revenue midpoint of $65 billion and a gross margin of approximately 75%, reflecting ongoing strong demand for the Blackwell architecture [3][36]. - The company anticipates that the global AI infrastructure market will reach $3 trillion to $4 trillion by the end of the decade, positioning NVIDIA as a key partner in this growth [15][41]. Market Dynamics - The report emphasizes the ongoing transition from traditional machine learning to generative AI, which is expected to drive significant capital expenditures in the cloud service provider sector, projected at $600 billion [16][38]. - NVIDIA's CUDA platform is highlighted as a critical enabler for this transition, supporting a wide range of applications across various industries [37][40].