Nvidia Smashes Q3 Earnings
Nvidia reported its best quarter in history as it racked up US$57 billion, a 62 % annual jump. Data-center business had come in at US$51.2 billion, up 66% from the same quarter a year earlier. Nvidia also offered robust guidance for Q4, projecting revenues of approximately US$65 billion and blowing away Wall Street’s estimates.
Huang Rejects “AI Bubble” Narrative
In response to concerns expressed by investors, CEO Jensen Huang struck down talk of an AI bubble quite forcefully. He held that the drivers of Nvidia’s advance are not speculative excess but, rather, three secular, long-term changes in computing:
- Accelerated Computing – As Moore’s Law slows, an increasing number of workloads are migrating from the CPU to GPU accelerated systems.
- Generative AI –Recommendation system, search engines and advertising is moving towards generative AImodels and there is a lot more compute demand.
- Agentic & Physical AI — The advent of intelligent agents that can plan, reason and act (autonomous cars to recommendation systems) is fueling scalable demand for compute.
Huang stressed that Nvidia’s GPU architecture is designed to support all three transitions – in every phase of AI, from training through inference.
Pushing Back On Circular Investing
Huang also addressed criticism about “circular investing,” in which Nvidia and Microsoft and other AI companies cross-invested with each other. There is real demand for Nvidia’s chips, he argued, and not just a function of financial engineering. According to him, the ecosystem they are creating is based on real technology adoption, not fake pump.
Not a Hype Cycle, but Structural Transformation
Instead of looking at this as a speculative bubble, Huang explained that Nvidia’s recent spike represents the continuation of a broader, structural shift in the computing industry. And for him, it’s no passing fad—it could be an early glimpse of a long-term AI-driven infrastructure era that could reshape industries for years to come.
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