Nvidia(US:NVDA) EBSCN·2025-11-21 01:11Investment Rating - The report maintains a "Buy" rating for NVIDIA, indicating expected investment returns exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Insights - NVIDIA's FY26Q3 revenue reached $57.006 billion, exceeding market expectations and showing a year-over-year growth of 62% and a quarter-over-quarter growth of 22% [1][2]. - The company expects FY26Q4 revenue guidance of $65 billion, which is higher than the Bloomberg consensus estimate of $62.133 billion [1]. - Strong demand for AI and data center products, particularly from the Blackwell and Rubin platforms, is driving revenue growth [2][4]. Summary by Sections Financial Performance - FY26Q3 revenue was $57.006 billion, with a Non-GAAP gross margin of 73.6% and a Non-GAAP net profit of $31.767 billion, resulting in a Non-GAAP EPS of $1.30 [1]. - The data center business generated $51.215 billion in revenue, up 66% year-over-year and 25% quarter-over-quarter [2]. - The gaming segment reported $4.265 billion in revenue, a 30% increase year-over-year [3]. Business Segments - Data Center: Contributed significantly to revenue, with expectations of continued capital expenditure growth from major cloud service providers [2]. - Gaming: Revenue growth driven by strong demand for Blackwell architecture chips [3]. - Professional Visualization: Revenue of $760 million, up 56% year-over-year, attributed to new product sales [3]. - Automotive: Revenue reached $592 million, a 32% increase year-over-year, supported by the adoption of the autonomous driving platform [3]. Profitability Forecast and Valuation - The report forecasts NVIDIA's GAAP net profit for FY2026 at $113.88 billion, with upward revisions for FY2027 and FY2028 net profits to $170.236 billion and $209.333 billion, respectively [4][5]. - The current stock price of $186.52 corresponds to projected P/E ratios of 40x for FY2026, 27x for FY2027, and 22x for FY2028 [4].