Nvidia(US:NVDA) 招商电子·2025-11-20 13:10Core Viewpoint - 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 [2][9][27] Financial Performance - FY26Q3 revenue reached $57 billion, significantly surpassing the expected $54 billion, with a non-GAAP gross margin of 73.6%, aligning with the upper guidance limit [2][3] - Data center revenue was $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][11] - Non-GAAP operating expenses increased by 11% quarter-over-quarter, attributed to rising costs in infrastructure and employee compensation [2][27] Business Segments - Data Center: Revenue of $51.215 billion, with a strong contribution from GB300 production and a $50 million revenue from H20 products [2][8] - Gaming: Revenue of $4.265 billion, up 30.1% year-over-year, supported by strong demand from Blackwell architecture [24] - Professional Visualization: Revenue reached $760 million, a 56.4% increase year-over-year, driven by the DGX Spark AI supercomputer [25] - Automotive: Revenue of $592 million, up 31.9% year-over-year, primarily from autonomous driving solutions [26] Future Outlook - FY26Q4 revenue guidance is set at $65 billion, reflecting a year-over-year increase of 65.3% and a quarter-over-quarter increase of 14% [3][29] - The company anticipates a gross margin of approximately 75% for FY27, with operating expenses projected at $5 billion [3][29] Market Trends - The market for cloud service providers and hyperscale enterprises is expected to reach $600 billion in capital expenditures, with a significant shift towards accelerated computing and generative AI [12][30] - NVIDIA's Blackwell platform continues to gain momentum, with sales exceeding expectations and a robust ecosystem expansion [4][10] Strategic Initiatives - NVIDIA is focused on maintaining communication with both U.S. and Chinese governments to navigate geopolitical challenges and enhance market competitiveness [4][15] - The company is investing in strategic partnerships, including collaborations with Anthropic and OpenAI, to expand its AI ecosystem [21][35] Supply Chain and Production - The company is enhancing supply chain resilience and redundancy, with plans to increase domestic production in the U.S. [23] - NVIDIA's GPU installations are operating at full capacity, indicating strong demand across all markets [11][36]