NVDA earnings report 20251119
1 Data
Far exceeded expectations, revenue of 57 billion, up 60% year-on-year, 20% quarter-on-quarter, gross margin over 70%. Next quarter guidance is 65 billion. This was achieved despite zero revenue from the East.
2 Response to short sellers
6-year-old GPUs are still in use (depreciation), for example, Meta's ad conversion rates for ins and Facebook improved by 5% and 3% after using AI (how capital expenditures are passed on).
3 When will it peak?
This is a question investors should pay more attention to. Everything has a cycle, even the king of AI hardware, though it does have a genuinely long cycle. The integration of hardware with the rest of the ecosystem can extend the cycle. Keep dancing in 2026. Watch for when major clients cut capital expenditures, when gross margin guidance slows or declines, and the performance-cost ratio of the next-gen product architecture and the substitution rate of competing products.
4 Future
The future of AI belongs to companies with the ability to integrate and create real value for users with AI. GOOGL has already set the example.
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