Cloud GPUs sold out, performance skyrocketed, and Jensen Huang's AI wave is reshaping the risk asset landscape in unprecedented ways. "Blackwell chip sales far exceeded expectations, and cloud GPUs are sold out." This statement from NVIDIA CEO Jensen Huang in the latest earnings report not only reassured investors worried about an AI bubble but also stirred waves across the entire risk asset market.
NVIDIA reported a remarkable revenue of $57.01 billion for the latest quarter, a year-on-year increase of 62%, with data center revenue soaring to a historic high of $51.2 billion.
After the earnings report was released, NVIDIA's stock price surged over 6% in after-hours trading. However, in today's world where AI and the crypto market are increasingly intertwined, its impact extends far beyond the stock market.
1. Comprehensive Performance Overview: Revenue Growth Resumes, Data Center as Engine
● NVIDIA's earnings report was described by the market as a "surprise," not only because the data significantly exceeded expectations but also because it alleviated market concerns about the sustainability of AI infrastructure demand.
● In the third quarter of fiscal year 2026, NVIDIA's revenue reached $57.01 billion, a year-on-year increase of approximately 62%, marking the first acceleration in revenue growth since the fourth quarter of fiscal year 2024.
The previous quarter's year-on-year growth was 56%, and there were concerns that growth momentum might slow, but NVIDIA proved with actual performance that AI demand is still accelerating.
● Data center business became the biggest highlight, contributing nearly 90% of revenue, with quarterly revenue of $51.2 billion, a year-on-year surge of 66% and a quarter-on-quarter increase of 24.6%. This performance clearly surpassed analysts' expectations of $49.34 billion, demonstrating the urgent demand for global AI infrastructure.
2. Performance by Segment: Gaming Growth Slows, Visualization Business Shines
From the perspective of various business segments,
● This quarter, NVIDIA's gaming and AI PC business revenue was $4.3 billion, a year-on-year increase of 30%, but slightly below analysts' expectations of $4.42 billion.
● In contrast, the professional visualization business performed outstandingly, with revenue of $760 million, a year-on-year increase of 56%, far exceeding the expected $612.8 million.
● Automotive and robotics business revenue was $592 million, a year-on-year increase of 32%, below the expected $620.9 million, but still maintained a robust growth trend.
In terms of profitability,
● NVIDIA's adjusted gross margin for the third quarter was 73.6%, slightly below analysts' expectations of 74.0%.
● However, the company is more optimistic about the fourth quarter, expecting gross margin to rise to 75.0%, which would be the first year-on-year increase in gross margin in six quarters.
3. Strong Future Guidance: Blackwell Demand Far Exceeds Expectations
● Even more exciting for the market is NVIDIA's optimistic outlook for the future. The company expects fourth-quarter revenue to reach $65 billion (with a 2% fluctuation), a year-on-year increase of over 65%, significantly higher than analysts' expectations of $61.98 billion.
● Jensen Huang emphasized during the earnings call: "The demand for training and inference computing continues to accelerate, both showing exponential growth. We have entered a virtuous cycle of AI." He once again refuted the notion of an AI bubble, stating that there are many claims about an AI bubble, "but from our perspective, it is entirely different."
● NVIDIA CFO Colette Kress revealed that the company has secured chip orders worth $500 billion, including the new generation Rubin chips that will begin mass production next year. She also mentioned an interesting phenomenon: the A100 GPUs shipped six years ago are still operating at full capacity this year, reflecting the tightness of computing resources.
4. Crypto Market Connection: Risk Asset Sentiment Resonance
The reason NVIDIA's earnings report can stir the crypto market is that in today's financial market, tech stocks and cryptocurrencies have become "conjoined twins" of risk assets. Recent data shows that the 30-day correlation between Bitcoin and the Nasdaq 100 index has reached about 0.80, a new high since 2022.
● Industry insiders generally believe that Bitcoin's performance increasingly resembles a "leveraged tech stock," surging in bull markets and being sold off simultaneously during heightened risk aversion, with declines magnified.
● Before NVIDIA's earnings report was released, the crypto market had just experienced a "bloodbath": Bitcoin briefly fell below $90,000, and Ethereum dropped below the $2,900 mark.
● This synchronized decline is driven by a dual "blow" of investor panic over the "AI bubble" and uncertainty regarding the Federal Reserve's monetary policy.
5. On-Chain Data Verification: Surge in Stablecoin Supply
The impact of NVIDIA's AI wave on the crypto market goes beyond sentiment, resulting in tangible capital flows.
● Q3 2025 witnessed a historic surge in stablecoin issuance, with total supply expanding by $45 billion, approaching $300 billion. This growth was primarily driven by platforms like Ethereum and Tron, indicating that a significant amount of capital is preparing to flow into various digital assets.
● Meanwhile, AI-related crypto tokens have also been directly affected. When news of NVIDIA's collaboration with companies like OpenAI emerged, tokens such as (FET) and Render (RNDR) typically experienced price increases. This correlation is particularly evident when NVIDIA releases important announcements, indicating that the crypto market has keenly recognized NVIDIA as a bellwether in the AI field.
6. OpenAI Partnership Leading the Transformation
NVIDIA's partnership with OpenAI has recently deepened.
● According to reports, NVIDIA has signed a letter of intent to invest up to $100 billion in OpenAI to deploy at least 10GW of NVIDIA systems. Jensen Huang described this collaboration as "the next leap towards a new era of intelligence."
● OpenAI CEO Sam Altman pointed out that "computing infrastructure will become the cornerstone of the future economy," highlighting both parties' high regard for AI computing capabilities.
This deep collaboration not only strengthens NVIDIA's strategic position in the AI field but also provides infrastructure support for the entire AI and crypto ecosystem.
7. Finding Opportunities Amidst Volatility
● Despite NVIDIA's strong performance, the market still harbors concerns about the future. Wharton School professor Jeremy Siegel recently stated: "AI is revolutionary, but that does not mean valuations can detach from fundamentals."
This viewpoint somewhat captures investors' current contradictory emotions: they are deeply confident in the future of AI but also worry that the gains of the past year have exhausted future growth.
● For crypto investors, Ryan Rasmussen of Bitwise Asset Management and others remain optimistic, believing that when the market is at an extreme of "fear," it is the "perfect opportunity" for investors to build existing positions or enter the market.
● Standard Chartered's head of digital asset research, Geoffrey Kendrick, noted in a recent report that the current Bitcoin pullback is a healthy adjustment within the cycle, and if it can hold the $100,000 region, Bitcoin will form new structural support.
NVIDIA's earnings report is like a timely rain, alleviating market anxiety over the AI bubble. With its Blackwell architecture chips fully sold out and $500 billion in orders waiting to be fulfilled over the next few years, the boom cycle of AI infrastructure is far from over.
On Wall Street, analysts are reassessing target prices for AI stocks; on-chain, crypto investors are closely monitoring the correlation between Bitcoin and tech stocks. Computing power is becoming the cornerstone of the digital economy, and what NVIDIA provides is the "shovels and picks" of this intelligent era.
Detailed Analysis of NVIDIA's Previous Earnings Report
Tech Stocks, Crypto, and Gold "Triple Kill," NVIDIA's Earnings Report Becomes the Market's Last Lifeline - AiCoin https://www.aicoin.com/article/500995.html
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