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Nvidia once again posted a $2 billion beat to consensus revenue estimates in Q3, reporting YoY growth of nearly 94% to over $35 billion in revenue. Data center revenue more than doubled in the quarter to over $30 billion with Hopper driving the second largest data center beat in company history, speaking volumes as to the level of demand for its GPUs given that Blackwell will not initially ship until next quarter.
Despite Blackwell not yet shipping in full volume, there are multiple data points that support this ramp to $200+ billion in revenue. Even though Nvidia guided Q4 nearly in-line with analysts' expectations at $37.5 billion, there is still significant room for Blackwell to grow through 2025. Current forecasts point to revenue surpassing the $50 billion-mark one year from now, with revenue growth in excess of 40% for the next five quarters.$40 billion range for Q3 and a $70 billion range for Q4. The potential for Nvidia to achieve over $50 billion in quarterly data center revenue is also noted.
The importance of Big Tech’s capex was also echoed with the CEO stating we will see $1 trillion in data infrastructure rebuild before he expects to see digestion from the hyperscalers. Per Huang: “I believe that there will be no digestion until we modernize a trillion dollars with the data centers.” That would imply another 3X from here for the remaining three-quarter trillion – not in stock price, but in capex.
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