Changjiang Securities·2025-11-21 10:14Investment Rating - The report maintains a "Positive" investment rating for the industry [7]. Core Insights - NVIDIA's FY26Q3 performance exceeded expectations, with significant growth in the data center business, achieving revenue of $57.01 billion, a year-on-year increase of 62.5% and a quarter-on-quarter increase of 22.0% [4][26]. - The GB300 is accelerating its deployment, and the Rubin platform is expected to ramp up in H2 2026, indicating strong future growth potential [2][4]. - Google's Gemini 3 showcases robust multimodal capabilities, supporting native generative UI and fully integrating into search scenarios, which is anticipated to positively impact its advertising and cloud business [2][4]. Summary by Sections NVIDIA Performance - NVIDIA reported FY26Q3 revenue of $57.01 billion, with a GAAP net profit of $31.91 billion, reflecting a year-on-year increase of 65.3% and a quarter-on-quarter increase of 20.8% [4][26]. - The data center revenue reached $51.2 billion, up 66% year-on-year, driven by the deployment of GB300 and strong sales of NVLink, SpectrumX Ethernet, and Quantum X InfiniBand [4][19]. - The company anticipates FY26Q4 revenue of $65 billion, a quarter-on-quarter increase of 14%, with an expected gross margin of 74.8% [4][26]. Google Gemini 3 - Google Gemini 3 achieved a groundbreaking score of 1501 on the LMArena leaderboard, significantly outperforming previous models in multimodal understanding and mathematical reasoning [4][24]. - The model utilizes self-developed TPU for training, which is expected to enhance cost efficiency and model quality [2][4]. - As of Q3 2025, the Gemini App has over 650 million monthly active users, with a tripling of daily request volume compared to the previous quarter [4][28]. Investment Recommendations - The report expresses continued optimism regarding the overseas AI computing supply chain, highlighting companies such as Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Shijia Photon, Huamao Technology, Yingweike, and Wolong Nuclear Materials as key investment opportunities [2][4].