NVIDIA Corporation

Record financial momentum (good): Q3 revenue $57B (+62% YoY) with record sequential growth of $10B (+22%). Q3 data center revenue $51B (+66% YoY) led by compute +56% YoY (primarily GB 300 ramp) and networking >2x YoY (NVLink scale-up plus strong Spectrum X Ethernet / Quantum X InfiniBand growth). Gaming $4.3B (+30% YoY); Pro Viz $760M (+56% YoY); Auto $592M (+32% YoY). Margins GAAP 73.4% / non-GAAP 73.6%; operating expenses up modestly (non-GAAP op-ex up, reflecting engineering/infrastructure buildout).

Clear forward outlook (forecast): Q4 total revenue expected $65B ± $2B (midpoint implies ~14% sequential growth), assuming continued Blackwell momentum and no data center compute revenue from China (consistent with prior quarter). Expected GAAP/non-GAAP gross margins ~74.8% (±50 bps). For FY27: guidance points to mid-70s gross margins despite rising input costs; GAAP op-ex ~ $6.7B and non-GAAP op-ex ~ $5.0B; tax ~17% ±1% (excluding discrete items).

Demand visibility is strong—“500B” Blackwell+Rubin target underpins the bull case (surprising/opportunity): Management stated they have visibility into ~$500B Blackwell + Rubin revenue from start of this year through end of calendar 2026, with an emphasis that they’re on track. Colette emphasized that the number should grow and cited incremental order activity (e.g., KSA agreement: ~400k–600k GPUs over three years) and that additional demand beyond the baseline is possible.