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Nvidia’s AI Lead Deepens With Record Q3 Results and $500 Billion Backlog

A $500 billion order backlog following record Q3 results signals multi‑year demand visibility.

Overview

  • Nvidia reported $57 billion in fiscal Q3 2026 revenue with 73.6% gross margins, including $51.2 billion from its Data Center segment.
  • The company holds an estimated 92% share of data‑center GPUs, reinforcing its central role in large‑scale AI infrastructure.
  • Blackwell GB300 drives a large share of current revenue, while the Rubin platform is slated for 2026 with seven new chips.
  • Balance‑sheet strength includes about $60.6 billion in cash and roughly $22 billion in free cash flow at quarter‑end.
  • Analysts remain broadly positive with average 12‑month targets in the low‑to‑mid $200s, though coverage notes heavy data‑center dependence and rising questions about potential AI‑spending slowdowns and custom‑chip competition.