Core Viewpoint - Nvidia's Q3 FY2026 earnings report showcased strong AI demand, with a record revenue increase of $10 billion quarter-over-quarter, indicating that the AI competition is intensifying despite market concerns about an AI bubble [1][2]. Group 1: Financial Performance - Nvidia reported total revenue of $57 billion for Q3, representing a year-over-year growth of 62%, significantly exceeding Wall Street expectations and the company's prior guidance [2]. - The quarter's revenue increase of approximately $10 billion is more than double the total revenue of AMD's data center segment for Q3, which was $4.3 billion [2]. - The GAAP gross margin reached 73.4%, while the non-GAAP gross margin was 73.6%, both surpassing previous guidance, attributed to the increased share of data center business [4]. Group 2: Market Dynamics and Growth Prospects - Nvidia's forward P/E ratio is approximately 38 times, which analysts consider attractive, especially with Q4 revenue guidance of $65 billion, indicating an $8 billion quarter-over-quarter increase [1][7]. - The company has locked in $500 billion in revenue from its Blackwell and Rubin series from early 2025 to the end of 2026, indicating strong future growth potential [5]. - Concerns about an AI bubble were addressed by CEO Jensen Huang, who emphasized the ongoing growth cycle and the significant revenue increases driven by AI applications, such as Meta's GEM model [3]. Group 3: Inventory and Supply Chain - Q3 inventory increased by 32% quarter-over-quarter, and supply commitments rose by 63%, reflecting the company's preparation for future growth, particularly with the upcoming launch of the Rubin GPU [4][5]. - The increase in inventory is seen as a strategic move to mitigate risks associated with the Rubin GPU launch, ensuring adequate supply to meet anticipated demand [5]. Group 4: Competitive Positioning - Nvidia's valuation remains attractive compared to competitors, with its forward P/E ratio being half that of AMD's [7]. - The stock price is currently supported at the $180 level, with a potential drop to $150 representing a forward P/E of 32 times, which analysts view as a compelling buying opportunity [7]. Group 5: Market Concerns - Nvidia's GPU revenue from the Chinese data center market was only $50 million in Q3, aligning with expectations that significant orders would not materialize in this quarter [6]. - The company's stock performance is influenced by broader market trends, with analysts noting that macroeconomic pressures could lead to a decline below current support levels [7][8].

Core Viewpoint - Nvidia's Q3 fiscal year 2026 results demonstrate strong AI demand, with a record revenue increase of $10 billion quarter-over-quarter, indicating that the AI competition is intensifying despite market concerns about an AI bubble [1][4]. Group 1: Financial Performance - Nvidia reported total revenue of $57 billion for Q3, a year-over-year increase of 62%, significantly surpassing Wall Street expectations and the company's prior guidance [2][4]. - The company's GAAP gross margin reached 73.4%, while the non-GAAP gross margin was 73.6%, both exceeding previous guidance [7]. - The inventory increased by 32% quarter-over-quarter, and supply commitments rose by 63%, reflecting preparations for future growth, particularly with the upcoming launch of the Rubin GPU [8]. Group 2: Market Position and Growth Potential - Nvidia's forward P/E ratio is approximately 38 times, which is considered attractive compared to its main competitor AMD, which has a P/E ratio of 80 times [2][11]. - The company has locked in $500 billion in revenue from its Blackwell and Rubin series from early 2025 to the end of 2026, indicating strong future revenue visibility [8]. - Nvidia's Q3 data center GPU revenue in the Chinese market was only $5 million, aligning with analyst expectations regarding the lack of large purchase orders in that region [10]. Group 3: Management Insights - CEO Jensen Huang addressed concerns about an AI bubble, emphasizing that the growth trajectory remains strong and that financing decisions are primarily made by customers [6]. - Huang cited Meta's GEM model as an example of how AI is driving significant revenue growth, with ad conversion rates improving by over 5% on Instagram due to generative AI [6]. Group 4: Stock Performance and Valuation - Following the earnings report, Nvidia's stock initially rose but then fell nearly 8%, erasing all gains, which analysts view as an opportunity rather than a concern [1][11]. - Analysts believe that if Nvidia's stock price drops to $150, its forward P/E ratio would decrease to 32 times, making it an attractive buy given the upcoming Rubin GPU launch [11].

从 Gemini 到英伟达：AI 竞 争转向应用落地 计算机 | 证券研究报告 — 行业周报 2025 年 11 月 24 日 投资建议 建议关注 AI 应用相关企业，包括万兴科技、合合信息、金山办公、科大讯飞、 拓尔思、虹软科技等。 评级面临的主要风险 技术创新不及预期；政策推行不到位；下游需求景气度不稳定的风险。 计算机行业"一周解码" 谷歌 Gemini 3 的发布标志着生成式 AI 进入"任务智能体"时代，投资焦点正从底层算 力转向高频刚需的应用落地；英伟达强劲的业绩表现显示 AI 应用的落地正驱动产业 链爆发式增长，为 AI 投资提供长期支撑力；闻泰科技坚决反对"暂停即解决"的说法， 要求彻底恢复其对安世半导体的合法控制权，强调将采取一切法律手段维权。 支撑评级的要点 计算机 相关研究报告 证券分析师：杨思睿 《阿里千问 APP 上线，全面对标 ChatGPT》 20251116 《中外 Robotaxi 共振》20251110 《AI 进一步融入应用》20251104 (8610)66229321 sirui.yang@bocichina.com 证券投资咨询业务证书编号：S13005180900 ...

Nvidia got a huge boost immediately after the release and during the early hours. However, NVDA stock undid all those gains and then some. It is now down nearly 3% as of this writing. This is a $900 billion swing within 36 hours. Not only that, high-beta stocks in the AI space rallied with Nvidia during the early hours and then tanked in parallel.Data Center revenue grew 66% year-over-year and 25% quarter-over-quarter. Nvidia attributed this to "accelerated computing, powerful AI models, and agentic applica ...

Key Points Nvidia continues to deliver jaw-dropping results. The company is converting over half of its revenue into bottom-line profit. Nvidia's stock still has a reasonable valuation. 10 stocks we like better than Nvidia › The pressure was on earlier this week for the most valuable company in the world to deliver an epic quarter, and it didn't disappoint. Nvidia (NASDAQ: NVDA) beat analyst revenue and earnings estimates, with shares surging after hours. Here are three reasons why Nvidia remain ...

Core Insights - NVIDIA and TSMC are pivotal players in the semiconductor industry, with NVIDIA focusing on AI-driven GPUs and TSMC specializing in advanced chip manufacturing [1][2] NVIDIA Performance - NVIDIA is experiencing significant growth, with Q3 fiscal 2026 revenues increasing by 62% year-over-year to $57 billion and EPS rising by 60% to $1.30 [3][5] - The Data Center segment is the primary growth driver, generating $51.22 billion in revenues, accounting for 89.8% of total sales, reflecting a 66% year-over-year increase [5] - NVIDIA's partnership with OpenAI is expected to enhance long-term demand for its GPUs, solidifying its position as a leading AI chip supplier [6] TSMC Performance - TSMC is a leader in semiconductor foundry services, with revenues in Q3 2025 increasing by 41% year-over-year to $33.1 billion and EPS rising by 39% to $2.92 [8] - The company is investing heavily, with capital expenditures projected between $40 billion and $42 billion in 2025, focusing on advanced manufacturing processes [9] Growth Outlook Comparison - NVIDIA's growth outlook is stronger in the near term, with projected revenue and EPS growth of 57.9% and 50.8% for fiscal 2026, respectively [13] - TSMC's growth projections for 2025 indicate a more modest revenue growth of 33.7% and EPS increase of 44% [14] Stock Performance and Valuation - Both NVIDIA and TSMC have seen strong stock performance in 2025, with NVIDIA shares up 34.5% and TSMC shares up 40.5% [15] - TSMC has a forward P/E ratio of 23.47, while NVIDIA's is higher at 30.38, reflecting NVIDIA's stronger growth profile [16] Investment Recommendation - NVIDIA is positioned as a better investment choice due to its leadership in AI hardware, robust product lineup, and superior growth profile [20]

Nvidia (NVDA) stock fell along with the broader market on Thursday, despite the chipmaker posting better-than-expected third quarter earnings and providing a strong outlook for the current quarter a day earlier. Shares of Nvidia closed out the trading day down 3.15% after briefly turning higher at the start of the day. The company's "Magnificent Seven" compatriots also fell on the day. For the fourth quarter, Nvidia projects revenue of $65 billion plus or minus 2%. Wall Street was expecting revenue of $6 ...

Core Viewpoint - Nvidia's recent earnings report has shown strong performance, yet the stock experienced a decline, raising questions about market sentiment and potential valuation concerns related to an AI bubble [2][4][19]. Financial Performance - Nvidia reported a revenue of $57 billion, marking a 62% increase year-over-year, and an EPS of $130, which is a 60% increase from the previous year, both exceeding Wall Street expectations [9][10]. - The data center business generated $51.2 billion, significantly outperforming estimates [4]. - For the upcoming fourth quarter, Nvidia projects revenue of $65 billion, surpassing Wall Street's expectation of $62 billion [10]. Market Dynamics - Despite strong earnings, Nvidia's stock saw a decline of about 1% after initially rising by 5%, indicating market volatility and profit-taking behavior among investors [2][3][4]. - The discussion around whether Nvidia is in an AI bubble continues, with some analysts expressing concerns about valuation and competition in the GPU space [2][19]. Product Demand and Innovation - Nvidia's new Blackwell Ultra architecture is performing exceptionally well, with the company indicating that demand for their next-generation GPUs is "off the charts" [6][10]. - The company noted that cloud GPUs are sold out, highlighting the strong demand for their products [10]. Global Market Considerations - Nvidia's commentary on the Chinese market indicated that revenue from China-specific H20 chips was insignificant, but there is potential for future growth if modified chips can be approved for sale in China [7][8]. - The company emphasized that the AI ecosystem is expanding globally, with increasing participation from various industries and countries [11].

Core Viewpoint - Analysts have raised estimates and price targets for NVIDIA Corporation following strong third-quarter revenue and earnings per share that exceeded expectations, along with optimistic guidance for future sales growth [1][3]. Financial Performance - NVIDIA reported a quarterly revenue of $57 billion, significantly surpassing analyst expectations, which has led to a reassessment of the company's growth potential [3][5]. - The company is projected to achieve $500 billion in sales from its Blackwell and Rubin products by the end of 2026, indicating strong future demand [5][10]. Analyst Ratings and Price Targets - Bank of America analyst Vivek Arya set a price target of $275, while DA Davidson's Gil Luria also set a target of $250, both maintaining a Buy rating [7]. - KeyBanc's John Vinh raised the price target from $250 to $275, highlighting strong demand in the AI sector [4][7]. - Other analysts, including Wedbush and JPMorgan, have also raised their price targets, reflecting confidence in NVIDIA's growth trajectory [7][9]. Market Position and Demand - Analysts noted that NVIDIA's Blackwell Ultra product now accounts for approximately 66% of Blackwell revenue, with expectations for this percentage to increase [4][10]. - The company is seen as a foundational supplier for next-generation digital infrastructure, positioning it well within the AI revolution [5][10]. Supply Chain and Backlog - Improvements in NVIDIA's supply chain were highlighted, contributing to a strong backlog of $500 billion in demand, which may not fully account for new contracts [6][13]. - Analysts believe that the ongoing demand for AI compute resources indicates no slowdown in the market, reinforcing NVIDIA's strong position [10][11]. Industry Outlook - The AI sector is projected to see annual spending of $3 trillion to $4 trillion on infrastructure by 2030, with NVIDIA expected to capture a significant share of this incremental spending [10][12]. - Analysts assert that concerns regarding an AI bubble are mitigated by NVIDIA's strong performance and strategic positioning in the market [11][12].

来源：市场资讯 （来源：Eric有话说） 在当下市场充斥着"AI泡沫论"的背景下，全球AI芯片龙头英伟达公布举世瞩目的FY26Q3财报作为回 应。英伟达FY26Q3财报（2025年8/9/10月）再次超预期，给出的Q4指引大超预期。作为全球半导体历 史上营收、净利润最高的公司，英伟达继续突破半导体行业上限，本季度净利润全球第二，预计下季度 净利润将加冕全球第一。 营收570亿美元，同比增长63%，环比增长22%，显著高于市场一致预期的549.5亿美元，此前指引 是540亿美元； GAAP毛利率73.4%，同比下滑1.2个百分点，环比提升1.6个百分点，与市场一致预期的73.4%持 平，此前指引是73.3%； 数据中心Q3营收512亿美元，同比增长66%，环比增长25%，占英伟达总营收比例90%，主要由 Blackwell Ultra爬坡带动。 NonGAAP毛利率73.6%，同比下滑1.4个百分点，环比提升0.9个百分点，与市场一致预期的73.6% 持平，此前指引是73.5%； GAAP净利润319.1亿美元，同比增长65%，环比增长21%，显著高于市场一致预期的293.8亿美 元，此前指引是285.4亿美元 ...