Nvidia(US:NVDA)2025-11-19 23:02Financial Data and Key Metrics Changes - The company reported revenue of $57 billion, representing a 62% year-over-year increase and a record sequential growth of $10 billion, or 22% [5] - GAAP gross margins were 73.4%, and non-GAAP gross margins were 73.6%, exceeding expectations [21] - Inventory grew 32% quarter-over-quarter, while supply commitments increased 63% sequentially [21] Business Line Data and Key Metrics Changes - Data Center revenue reached a record $51 billion, up 66% year-over-year, with compute growing 56% year-over-year [6] - Networking revenue surged to $8.2 billion, up 162% year-over-year, driven by NVLink, InfiniBand, and Spectrum-X Ethernet [13] - Gaming revenue was $4.3 billion, up 30% year-on-year, while professional visualization revenue was $760 million, up 56% year-over-year [20] Market Data and Key Metrics Changes - The aggregate CapEx for top Cloud Service Providers (CSPs) and Hyperscalers in 2026 is now approximately $600 billion, over $200 billion higher than at the start of the year [7] - The company has visibility to $500 billion in revenue from Blackwell and Rubin from the start of the year through the end of Calendar Year 2026 [5] Company Strategy and Development Direction - The company aims to be the superior choice for the estimated $3 trillion-$4 trillion annual AI infrastructure build by the end of the decade [5] - The transition to Accelerated Computing and Generative AI is seen as foundational, with the company positioned to capitalize on these shifts [25][27] - The Rubin platform is on track to ramp in the second half of 2026, promising significant performance improvements [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute against growth opportunities, with total revenue expected to be $65 billion in the fourth quarter [22] - The company is preparing for significant growth ahead, despite rising input costs [22] - Management acknowledged geopolitical issues affecting competitive product shipments to China but remains committed to engagement with both U.S. and Chinese governments [11] Other Important Information - The company is focused on building resiliency in its global supply chain, with recent partnerships aimed at enhancing production capabilities [19] - The company has established a deep technology partnership with Anthropic to optimize AI models for CUDA [17] Q&A Session Summary Question: Update on $500 billion revenue forecast for Blackwell and Rubin - Management confirmed they are on track for the $500 billion forecast and expect additional compute needs to arise [32] Question: Supply catching up with demand - Management indicated confidence in supply chain planning and the ability to meet growing demand for AI infrastructure [36] Question: Assumptions on NVIDIA content per GW in the $500 billion number - Management noted that the economic contribution and value delivered will increase with each generation of architecture [45] Question: Role of AI ASICs or dedicated XPUs in architecture buildouts - Management acknowledged various constraints but emphasized that all issues are tractable and solvable [70]