Nvidia beat fiscal Q3 expectations and provided a blowout guide of about $65 billion for the current quarter (roughly 65% year-on-year growth), sending the stock and AI-related names higher; management reaffirmed a previously stated $500 billion orders opportunity for 2025–26 and said backlog and bookings should continue to grow. CEO Jensen Huang pushed back on “AI bubble” concerns, arguing demand is broadening across non-AI workloads, new AI applications and agentic AI, and analysts said his tone helped calm investors. The company also disclosed that H20 sales into China were negligible (~$50 million) amid geopolitical constraints despite recent export license activity, highlighting that the outsized numbers and guidance are being achieved without meaningful China contribution, which analysts say points to a very large free-cash-flow runway even if China access remains limited.
Nvidia reported fiscal third-quarter results that beat expectations and provided a blowout guide of roughly $65 billion for the current quarter, implying about 65% year‑over‑year revenue growth; the stock and other AI-related names rose after the release and during the conference call as CEO Jensen Huang reiterated product strength. Management emphasized continued GPU dominance and broadened demand across non‑AI workloads, new AI applications and “agentic AI,” and Huang explicitly rejected the notion of an “AI bubble,” a tone that analysts at Bernstein and Jefferies said helped calm investor fears. The company reaffirmed its prior forecast of roughly $500 billion in AI chip orders for 2025–26 and said backlog does not yet include recent deals such as Anthropic and an expanded Saudi agreement; CFO Colette Kress said the company was “on track” and expects to take more orders. Third‑party analysts highlighted the implications: Jefferies called the results stabilizing for the AI trade and Melius projected nearly $400 billion in free cash flow over the next nine quarters assuming current demand trends remain. Geopolitical constraints remain a material risk: H20 sales into China were “insignificant” at about $50 million in the quarter, and management noted geopolitical and competitive headwinds limited sizable China purchases. The report implies robust non‑China demand can drive near‑term growth, but investors should monitor execution on backlog conversion, any change in China export permissions for more advanced chips, and the potential for sentiment‑driven volatility given high expectations.
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