The chipmaker said revenue for the three months to October jumped 62 per cent to $57bn, driven by a stampede for its data centre silicon. That division hauled in more than $51bn, a 66 per cent rise that was enough to settle a few twitchy traders.
Forecasts for fourth quarter sales of about $65bn sailed past expectations and nudged Nvidia shares roughly four per cent higher in after-hours trading.
The firm has become the industry’s favourite weather vane for the AI frenzy, and everyone watched this earnings call as if it were the cup final.
Nvidia chief executive Jensen Huang said in a statement that sales of its Blackwell AI systems were "off the charts" and that "cloud GPUs are sold out".
Nvidia chief executive Jensen Huang then told analysts, "There's been a lot of talk about an AI bubble. From our vantage point, we see something different. We excel at every phase of AI."
The cocaine nose jobs of Wall Street obsessed over the update after several nervous days in which AI valuations dragged the S&P 500 down nearly three per cent in November as traders questioned whether the party had peaked.
Adam Turnquist, LPL Financial chief technical strategist, said the question going into the results was not whether Nvidia would smash forecasts "but by how much".
Hargreaves Lansdown senior equity analyst Matt Britzman said: "While AI valuations are dominating the news feeds, Nvidia is going about its business in style". He added that parts of the AI world needed a breather, although Nvidia was not part of that crowd, Britzman said.
Huang previously predicted $500bn in AI chip orders through 2025, and investors wanted clarity on when those cheques might actually land and how the firm intended to deliver the mountain of hardware.
Nvidia's chief financial officer, Colette Kress, told analysts the firm would "probably" be taking more orders on top of the $500bn already outlined. She complained that US export limits to China were throttling a chunk of demand and argued that the US "must win the support of every developer", including those in China.
Kress said Nvidia remained "committed to continued engagement" with both governments.
Earlier on 20 November 2025, at the US Saudi Investment Forum in Washington, Huang appeared alongside Elon Musk to trumpet a colossal Saudi data centre that will run on hundreds of thousands of Nvidia chips. Musk’s xAI will be its first customer.
The Wall Street Journal said the US Commerce Department had quietly approved sales of up to 70,000 advanced AI chips to state-backed firms in Saudi Arabia and the United Arab Emirates, reversing an earlier decision. The deal reportedly followed talks between US President Donald Trump and Saudi Crown Prince Mohammed bin Salman during the crown prince's White House visit.
Nvidia, which last month became the first firm to hit a $5tn valuation, sits at the centre of an AI arms race in which Big Tech is spraying money on infrastructure as if the bills never arrive.
Meta, Alphabet and Microsoft recently confirmed that their AI budgets are ballooning. Alphabet boss Sundar Pichai told the BBC that AI investment was an "extraordinary moment", although parts of the boom were marked by "irrationality". His comments echoed warnings from other parts of the industry.
Panmure Liberum chief economist Simon French said the frenzy had shades of the dotcom bubble of 25 years ago, when valuations rocketed before hitting a wall in 2000. French told the BBC’s Today programme that the real worry lay with the wider tech ecosystem that was still not profitable.
Nvidia supplies the critical silicon for AI data centres and sits in the middle of a dense web of deals with OpenAI, Anthropic and xAI. The arrangements have raised eyebrows for their circular structure, not least Nvidia’s $100bn investment in OpenAI, the outfit behind ChatGPT.
