NVIDIA Corporation

Q3 performance: very strong demand + record growth (good / surprising) - Revenue: $57B, +62% YoY; record sequential growth: +$10B (+22%). - Data center revenue: $51B, +66% YoY (record at their scale). - Compute growth: +56% YoY, driven mainly by GB300 ramp. - Networking: >$2x YoY, led by NVLink scale-up and strong growth in Spectrum-X Ethernet and Quantum-X InfiniBand. - Margins: GAAP gross margin 73.4% / non-GAAP 73.6% (above outlook); sequential improvement tied to mix + cycle time + cost structure.

Forward guidance: Q4 revenue and margins; China data center still excluded (good + constraint) - Q4 revenue outlook: $65B ±2% (implies ~+14% sequential at midpoint). - Gross margin outlook (Q4): GAAP & non-GAAP ~74.8% ±50 bps. - China constraint: Consistent with prior quarter guidance, they are not assuming any data center compute revenue from China for Q4. - FY27 planning assumption: input costs rising, but they expect mid-70s gross margins; OpEx: GAAP ~$6.7B, non-GAAP ~$5.0B.

Blackwell/Rubin trajectory and $500B visibility into calendar 2026 (good / potential upside) - Management said they have visibility to ~$500B in Blackwell + Rubin revenue from start of the year through end of calendar 2026. - They reiterated they are on track and expect the number to grow, not shrink—explicitly implying possible upside beyond the $500B base. - They emphasized shipment progress: “shipped $50B this quarter” (in the Q3 discussion), with several quarters ahead to reach year-end 2026. - GB300 momentum: crossed GB200; contributed ~two-thirds of total Blackwell revenue in the quarter; transition described as seamless.