【英伟达（NVDA.O）】FY26Q3业绩超市场预期，AI需求持续高景气——FY26Q3业绩点评（付天姿/王贇）

Core Viewpoint - Nvidia's FY26Q3 performance exceeded market expectations, with significant revenue growth driven by strong demand for its Blackwell platform and positive guidance for FY26Q4 [4][5]. Group 1: Financial Performance - FY26Q3 revenue reached $57.006 billion, a year-over-year increase of 62% and a quarter-over-quarter increase of 22%, surpassing Bloomberg's consensus estimate of $55.189 billion [4]. - Non-GAAP gross margin was 73.6%, showing a quarter-over-quarter increase of 0.9 percentage points but a year-over-year decrease of 1.4 percentage points due to the transition from the Hooper platform to the Blackwell platform [4]. - Non-GAAP net profit was $31.767 billion, with a quarter-over-quarter increase of 23% and a year-over-year increase of 59%, resulting in a Non-GAAP EPS of $1.30, exceeding Bloomberg's consensus estimate of $1.259 [4]. Group 2: Business Segments - Data Center Business: FY26Q3 revenue was $51.215 billion, up 66% year-over-year and 25% quarter-over-quarter, with computing revenue at $43.028 billion and networking revenue at $8.187 billion. The company anticipates continued capital expenditure growth from major CSPs and hyperscale data centers, projecting $500 billion in revenue from Blackwell and Rubin by the end of 2026 [5]. - Gaming Business: FY26Q3 revenue was $4.265 billion, reflecting a year-over-year increase of 30% but a slight quarter-over-quarter decline of 1%, driven by strong demand for Blackwell architecture chips [6]. - Professional Visualization Business: FY26Q3 revenue was $760 million, up 56% year-over-year and 26% quarter-over-quarter, primarily due to increased sales of the new DGX Spark and Blackwell chips [6]. - Automotive Business: FY26Q3 revenue was $592 million, a year-over-year increase of 32% and a quarter-over-quarter increase of 1%, supported by the adoption of the company's autonomous driving platform by downstream customers [7]. Group 3: Future Outlook - FY26Q4 guidance indicates expected revenue of $65 billion (±2%), which is higher than Bloomberg's consensus estimate of $62.133 billion, with a projected Non-GAAP gross margin of 75.0% (±50 basis points) [4]. - The company is collaborating with OpenAI to deploy at least 10 gigawatts of AI data centers, with OpenAI's weekly users surpassing 800 million [5]. - The Rubin platform is expected to begin mass production in the second half of 2026, further enhancing revenue potential [5].