Nvidia has once again delivered a blockbuster quarter, comfortably beating expectations and lifting guidance for Q4. The result reinforces one simple theme: AI demand remains extraordinary, and NVDA continues to take an outsized share of the value chain.
3Q Results:
- Total revenue: US$57.0bn, +62% y/y (cons: US$55.2bn)
- Data centre: US$51.2bn, +66% y/y (the engine room; cons: US$49.3bn)
- Gaming: US$4.3bn, +30% y/y (slightly below cons: US$4.42bn)
- ProViz: US$760m, +56% y/y (well ahead; cons: US$613m)
- Automotive: US$592m, +32% y/y (just shy of cons: US$621m)
They guided to 4Q revenue of US$63.7bn–US$66.3bn (relative to consensus of $US61.98bn.
Another monster result. The key is that guidance beat expectations – critical given scepticism about an AI spending slowdown. Data centre growth remains phenomenal, ProViz surprised to the upside, and profitability is still scaling at an extraordinary rate. The market’s reaction was positive in the after-hours session, up ~5%.
MM remains cautiously bullish NVDA
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