NVDA - NVIDIA Q3 EARNINGS PREVIEW (NOV 19, 2025) Nvidia reports fiscal Q3 results after the close on Wednesday. The print is widely seen as a key test for the sustainability of the AI bull market. Why it matters 🔸 Nvidia is ~8% of the S&P 500 🔸 Stock down >10% in November amid broader tech pullback and rising AI-bubble worries 🔸 Still up ~36% YTD but facing questions on valuations, GPU depreciation, supply/demand balance, and competition Consensus expectations (LSEG) 🔸 Revenue: 54.9B (+56% YoY) 🔸 EPS: 1.25 🔸 Q4 (Jan) guidance: ~61.4B (accelerating growth) Key bullish points 🔸 CEO Jensen Huang recently said 500B in 2025–2026 orders already booked 🔸 Major cloud customers remain capacity-constrained 🔸 Blackwell (GB200/GB300) and upcoming Vera Rubin ramps on track 🔸 Analysts see AI data-center buildout still in early innings (multi-year, hundreds of billions in spend) Potential risks / reasons for caution 🔸 Extremely high bar: even a strong beat may not move the stock much 🔸 Growing investor scrutiny on hyperscaler CapEx sustainability, power constraints, and possible margin pressure from rising component costs 🔸 Some fear an “AI bubble” narrative could dominate regardless of results(*Walter Bloomberg)