Semiconductors
Nvidia Q3: Largest QoQ Growth in 2 Years; Networking up 162%
Nvidia’s Q3 showed the company’s GPU momentum return, delivering a substantial data center beat with 25% QoQ growth, surpassing an important $50 billion quarterly revenue milestone for the segment. More importantly, Nvidia’s guide pointed to this momentum continuing into the fourth quarter, implying that data center revenue could be on track to rise another $8 billion QoQ for 15% growth. Yesterday, I published an article entitled Why Nvidia Stock Could Reach $20 Trillion Market Cap by 2030 - a prediction that requires a 36% CAGR over a five-year period or about 8% growth QoQ. These two quarters alone meet the criteria for next year’s CAGR plus some. Margins expanded sequentially, free cash flow sustained nicely, networking was up an impressive 162% and compute was up 56%. Management repeated they “currently have visibility to $0.5 trillion in Blackwell and Rubin revenue from the start of this year through the end of calendar year 2026.”
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