NVIDIA: Q4 B revenue exceeded expectations

Performance: Q3 35B still exceeded expectations a bit. It was previously mentioned that the Q3 guidance was relatively conservative, leaving some buffer. However, the Q4 revenue guidance of 37.5Bn is slightly below the buy-side expectation of 38Bn, but the difference is not significant. Since Q3 beat by 2.5, and raised by 2.5, if Q4 beats by 2-3, it will still be around 40Bn. However, it is true that NVIDIA has "barely" met expectations for two consecutive quarters, and the rising stock price naturally raised expectations, but the "reality" of numerous supply chain issues has constrained supply. It is important to note that during this process, demand is not an issue, and the gross margin meets expectations at 75%. The CFO also reiterated that the initial mass production of B will reach the low 70s, but in the second half of 2025, it will return to the mid 70s, which is around 75%. When pressed by Bernstein analysts on what exactly low 70s means, the response was 71-72.5%. However, Network has declined quarter-on-quarter, with the past three quarters being 31.7, 36.7, and 31.3B respectively. The CFO explained at the outset that Q4 will still see a quarter-on-quarter increase. (But it can be clearly stated that IB's growth has slowed down, and the future will be Ethereum.) The key points from the conference call Q&A are coming. In order of importance and impact on stock price, I was listening while watching the after-hours reaction