Nvidia(US:NVDA) Wind万得·2025-11-20 03:25Core Insights - Nvidia reported record revenue of $57.01 billion for Q3 FY2026, a 62% year-over-year increase, significantly exceeding market expectations [3][5] - The company provided a strong revenue guidance of $65 billion for Q4 FY2026, indicating robust growth momentum [3][7] - The Blackwell platform is a major revenue driver, with GB300 accounting for two-thirds of Blackwell's total revenue, and demand for cloud GPUs has outstripped supply [3][6][7] - The next-generation Rubin platform is progressing as planned, with the first chip delivered and mass production expected in FY2026 [3][6] - Software and services, particularly AI Enterprise and DGX Cloud, are experiencing significant growth, enhancing revenue visibility and resilience [3][6] Financial Performance - Revenue reached $57.01 billion, up 62% year-over-year and 22% quarter-over-quarter, surpassing the market expectation of $55.19 billion [5] - Net profit was $31.9 billion, reflecting a 65% year-over-year increase [5] - Gross margin was reported at 73.4% (GAAP) and 73.6% (non-GAAP) [5] - Adjusted earnings per share (EPS) were $1.30 (non-GAAP) [5] Business Segment Performance - Data center revenue was $51.2 billion, a 66% year-over-year increase [6] - Gaming/AI PC business generated $4.3 billion, up 30% year-over-year [6] - Professional visualization revenue reached $760 million, a 56% year-over-year increase [6] - Automotive and robotics revenue was $592 million, reflecting a 32% year-over-year growth [6] Future Guidance - The company expects Q4 revenue to be $65 billion (±2%) [7] - Non-GAAP gross margin guidance is set at 75.0% (±50 basis points), significantly above market expectations [7] Business Highlights and Strategic Direction - Demand for data center products remains strong, with supply being a key focus [7] - CEO Jensen Huang emphasized the emergence of new AI model manufacturers and startups across various industries and countries [7] - Nvidia is positioned as a leader in AI infrastructure, with a comprehensive system offering beyond just chip sales [10][12] Management Commentary - CEO Jensen Huang noted that computational demand in training and inference is accelerating, creating a compounding effect [11] - CFO Colette Kress confirmed that demand for AI infrastructure continues to exceed expectations and projected a gross margin of around 70% by FY2027 [12] - Management addressed investor concerns about sustainability of growth, indicating that demand is accelerating and new applications are emerging [13] - Inventory levels have increased, but management clarified that this is likely a strategic move to prepare for future demand rather than a sign of weakening demand [15]