NVIDIA Corporation

Strong results + accelerating “full-stack” AI platform demand - Q3 revenue $57B, +62% YoY and +22% sequential (record sequential growth of +$10B). - Data center revenue $51B, +66% YoY; Compute +56% YoY (driven mainly by GB300 ramp), Networking > doubled (NVLink scale-up + robust growth across Spectrum X Ethernet and Quantum X InfiniBand). - Gross margin 73.4% GAAP / 73.6% non-GAAP (above guidance), helped by data center mix, better cycle time, and cost structure.

Clear product-cycle momentum: Blackwell leading; Rubin ramp expected; Hopper still constrained - Blackwell/Rubin visibility: company claims ~$500B in Blackwell + Rubin revenue forecast for start of this year through end of calendar 2026 and says they are on track. - GB300 crossover: GB300 passed GB200 and contributed ~2/3 of total Blackwell revenue; transition described as “seamless,” with shipments going to “majority” of CSPs/hyperscalers. - Hopper: in its 13th quarter, ~$2B revenue in Q3; however large China orders didn’t materialize due to geopolitical issues + increased competition, limiting shipments to China. - Rubin: on track to ramp in 2026; Vera “Rubin” expected to deliver an “x-factor” performance improvement vs Blackwell, and the ecosystem is said to be ready for rapid ramp.

Upside case + supply/demand debate: management believes demand stays ahead; supply chain planning is a key uncertainty - CFO/Jensen emphasize hyperscalers are sold out and GPU installed base (Blackwell/Hopper/Ampere) is fully utilized. - Management argues demand is broader than hyperscalers alone (agentic/AI apps across enterprises, plus compute spend by frontier model builders). - On “can supply catch up?” question: Jensen says supply chain has been carefully planned (with TSMC/packaging/memory/ODMs) and focuses on multi-layer AI spend (accelerated computing + generative AI + agentic AI) all running on NVIDIA GPUs—implying demand breadth supports utilization. - Acknowledged risk: geopolitical restrictions / China constraints remain a headwind for shipping competitive DC compute products to China.