Overview
- Shares have fallen about 17% from late‑October highs to roughly $175, trimming the market value to around $4.3–$4.5 trillion as enthusiasm cools for AI‑linked trades.
- Fiscal Q3 revenue reached $57 billion with data‑center sales of $51.2 billion up 66% year over year, and management guided about $65 billion for Q4 as Jensen Huang said Blackwell cloud GPUs are sold out.
- BofA reiterated a Buy with a $275 target, saying Nvidia’s GPUs are a full generation ahead and highlighting roadmap visibility to Rubin in 2026, while broader analyst targets center near $250.
- Competition is intensifying as Alphabet and Amazon advance custom silicon, Broadcom expands bespoke accelerators, and AMD pushes alternatives that could pressure Nvidia’s pricing and share over time.
- U.S. regulators have allowed limited H200 sales into China, partially reopening that market, yet export controls and geopolitical uncertainty remain material risks to long‑term growth.