Overview
- Nvidia beat forecasts with third-quarter sales up 62% and data-center revenue at $51.2 billion, while guiding to about $65 billion in fourth-quarter revenue with roughly 75% adjusted gross margins.
- CEO Jensen Huang reiterated about $500 billion in bookings for Blackwell and Rubin data-center chips slated for fulfillment through 2026.
- Company disclosures showed rent-back contracts for its chips jumped to $26 billion and that four customers accounted for 61% of revenue.
- The U.S. Commerce Department authorized exports equivalent to up to 35,000 Blackwell-class chips to firms in Saudi Arabia and the United Arab Emirates.
- An early rally reversed into a sharp selloff, erasing roughly $2.7 trillion in U.S. market value as AI valuation worries persisted and reports highlighted large AI chip wins by AMD and Broadcom.