Financial report highlights: Revenue and profits exceed market expectations

1. Revenue and net profit increased significantly

• Record revenue: 第三季度收入达 US$35.08 billion，年增 101%，超越市场预期的 US$33.16 billion。
• Net profit surged: 净利润达 US$19.31 billion。

2. Demand for data centers continues to be strong

• 资料中心收入达 $30.8 billion，年增逾一倍，成为辉达财报数据中增长的主要动力。
• 多家大型科技公司如 Meta (META)、Amazon (AMZN) 和 Alphabet (GOOGL) 持续提升 AI 基础设施投资，直接推动辉达晶片销售。

3. Shareholder return and financial condition

• 辉达在第三季度花费 $11 billion回购股票，显示对未来财报的信心。
• 其现金储备增至 $38.5 billion，进一步强化财务稳健性。

Challenges and market reactions: Falling stock prices show pressure on expectations

1. Investors 'disappointment with high expectations

• Although financial performance and forecasts exceeded analysts 'expectations, Huida's share price fell by about 2.5% after hours yesterday, reflecting that the market's expectations for Huida's short-term growth may be too high, leading to a correction in the stock price.

2. Internet business performance is mixed

• 网路业务收入为 $3.1 billion，虽比去年同期成长 20%，但与上季相比下降 15%。CFO Colette Kress 表示，需求仍然稳定，但短期表现受到供应链调整影响。

Future Outlook: Strong demand for Blackwell chips, supply challenges to be solved

1. Blackwell chips will become new growth engines

• 辉达预计在第四季度开始出货下一代 AI 晶片 Blackwell 系列，并将在 2026 财年继续面临供不应求的情况。
• CEO Huang Renxun described this as the "beginning of a generative AI revolution" and Huida is making every effort to expand production capacity to cope with "astonishing" market demand.

2. Outlook remains optimistic

• 辉达预计第四季度收入为 $37.5 billion，高于分析师预测的 $36.9 billion，毛利率约为 73% to 73.5%，显示高收益率的 AI 业务将持续推动整体表现。