Nvidia(US:NVDA) 格隆汇APP·2025-11-20 09:14Core Viewpoint - Nvidia's FY26Q3 financial report indicates a robust and sustained demand for AI computing power, with significant revenue growth and a strong order backlog, dispelling concerns about an AI bubble [2][4][49]. Financial Performance - Revenue reached $57.01 billion, exceeding expectations by nearly $2 billion and showing a year-over-year increase of 62% [3][5]. - Adjusted net profit was $31.7 billion, translating to an average daily profit of $350 million, surpassing the annual revenue of many tech companies [3][4]. - The adjusted gross margin was 73.6%, with a target of 75% for FY27, indicating improved profitability [7][9]. Business Segments - Data center revenue was $51.2 billion, accounting for 90% of total revenue, with a year-over-year increase of 66% [11]. - The computing business grew by 56%, supported by the GB300 product line [12]. - Networking revenue doubled to $8.2 billion, driven by NVLink and Spectrum-X [15][38]. - Automotive revenue reached $592 million, a 32% increase year-over-year, indicating future potential in autonomous driving [17]. Demand Dynamics - Nvidia has a backlog of $500 billion in orders, with 5 million GPUs needed for AI projects this quarter [18][22]. - The demand spans across cloud providers, sovereign nations, and tech companies, with no signs of a seasonal slowdown [23][24]. - Key partnerships include a 1 GW computing power agreement with Anthropic and a three-year supply deal with Saudi Arabia for 400,000 to 600,000 GPUs [21]. Technological Leadership - The Blackwell platform is a key driver, with the GB300 product contributing nearly two-thirds of its revenue and outperforming previous models [31][32]. - The upcoming Rubin platform, set to launch in the second half of 2026, aims for significant performance improvements [34]. - The CUDA ecosystem remains a critical competitive advantage, ensuring customer retention and performance upgrades [36]. Supply Chain and Partnerships - Nvidia is building a resilient global supply chain, with key partners including TSMC and Foxconn [44]. - TSMC's CoWoS capacity is projected to reach 105,000 wafers per month by the end of 2026 [45]. - The company maintains a cooperative stance with competitors like Intel, balancing competition with collaboration [46]. Future Outlook - Key indicators for Nvidia's continued growth include meeting FY26Q4 revenue targets, successful Rubin platform production, and stable supply chain costs [51]. - Nvidia's core advantages include its technological monopoly, the CUDA ecosystem, and a substantial order backlog, positioning it as a critical player in the AI infrastructure market [52].