Complete NVIDIA (NVDA) Q3 Earnings Coverage

NVIDIA (Nasdaq: NVDA) is reporting third-quarter 2026 financial results after the close, and expectations couldn’t be higher. The company is coming off a new record quarter with $46.7 billion in second-quarter revenue, driven by increased demand for Blackwell, strong sequential growth in networking and broad adoption of CSPs, enterprises and standalone AI programs. Jensen Huang and Colette Kress emphasized that global AI development is still in its infancy, with industry capital expenditures currently reaching a staggering $600 billion per year. As the race for AI intensifies, NVIDIA remains a key infrastructure provider for hyperscalers, AI-based startups, and industrial users.

Analysts are expecting another strong quarter, with both EPS and revenue forecasting double-digit growth. But the bigger story is NVIDIA’s positioning heading into 2026 as Blackwell continues to scale and the company prepares for Rubin’s mass launch next year. As AI factories expand from tens to hundreds of megawatts, NVIDIA’s platform-level strategy for computing, networking, and software keeps it at the center of global AI deployment.

NVIDIA is expected to deliver year-over-year revenue growth of 57 percent and earnings per share growth of 55 percent; This underlines the scale of demand for AI infrastructure. Full-year forecasts also continue to rise following persistent guidance increases and sequential momentum.

1. Blackwell ramp and GB300 production pace
Management noted that Blackwell hit record highs in Q2, with the GB300 transition described as “seamless” and production currently running at around 1,000 racks per week. Investors will want updated commentary on how quickly GB300 capacity is scaling and whether new CSP deployments will accelerate into Q4 and early 2026.

2. Growth in networking across NVLink, InfiniBand and Spectrum-X
Network revenue reached a record $7.3 billion last quarter; NVLink, Spectrum-X, and InfiniBand posted outstanding gains. NVIDIA emphasized that networking efficiency can effectively determine AI factory economics, especially as single-facility approaches gigawatt scale. Any signal that triple-digit growth or lockdowns will continue will greatly impact future prospects.

3. Impact of Chinese licensing and H20 uncertainty
NVIDIA’s third-quarter outlook excluded all H20 shipments to China due to ongoing geopolitical scrutiny. Management stated that if licensing continues, $2-5 billion in revenue could be generated per quarter, but visibility remains limited. Investors will listen closely for any updates on approvals, potential Blackwell availability in China and the region’s long-term revenue profile.

4. Artificial intelligence infrastructure demand and $3-4 trillion investment
Jensen Huang reiterated that the world is still “at the beginning of the industrial revolution” and is projected to spend $3-4 trillion on AI infrastructure by the end of the decade. With hyperscaler CapEx doubling annually to $600 billion, commentary on 2026 demand signals, power constraints and multi-gigawatt AI factory planning will be important.

5. Rubin platform progress and annual rhythm approval
Rubin chips, including the Vera CPU, Rubin GPU, and CX9 SuperNIC, are already in production and are scheduled to be available next year. NVIDIA has emphasized its move to a consistent annual product cadence. Investors will seek greater clarity on performance improvement, supply chain readiness and customer growth expectations.

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