“Nvidia reported fiscal third-quarter earnings and revenue that topped Wall Street expectations on Wednesday and provided stronger-than-expected sales guidance for the fourth quarter.
Shares of the AI chipmaker rose more than 4% in extended trading.
Here’s how the company did, compared with estimates from analysts polled by LSEG:
Earnings per share: $1.30 adjusted vs. $1.25 estimated
Revenue: $57.01 billion vs. $54.92 billion estimated
Nvidia said it expects about $65 billion in sales in the current quarter, versus $61.66 billion expected by analysts.The company said net income in the quarter rose 65% to $31.91 billion, or $1.30 per share, from $19.31 billion, or 78 cents per share, in the year-ago period.”
https://www.cnbc.com/2025/11/19/nvidia-nvda-earnings-report-q3-2026.html
That $31.91 billion jump lands harder than anything else here. Numbers that size push everything out of the way and everybody pretends it’s normal because they have to, but it never is.
“Nvidia’s Profit Jumps 65% to $31.9 Billion. Is It Enough for Wall Street?
The company, which makes the computer chips essential to the artificial intelligence boom, also said revenue in its recent quarter rose to $57 billion… In recent months, Nvidia has worried investors because it is making investments in some of the customers that buy its chips. The deals have raised questions about whether Nvidia is paying itself. For example, it announced it would invest $100 billion in OpenAI, which makes ChatGPT. The start-up receives that money as it buys or leases Nvidia’s chips.On Tuesday, it announced a similar deal with another A.I. company: Nvidia will invest $10 billion in Anthropic, which will purchase $30 billion in A.I. computing backed by Nvidia chips. Goldman Sachs has estimated that Nvidia will make about 15 percent of its sales next year from what critics call circular deals.
“The fundamentals for the company are still intact, but you have these clouds that keep popping up,” said Daniel Morgan, a senior portfolio manager at Synovus, a bank.”
https://www.nytimes.com/2025/11/19/technology/nvidia-earnings.html?unlocked_article_code=1.2U8.W34I.71XqH5szxILh
That $100 billion into OpenAI reads like someone moving chips from one pocket to another and hoping nobody notices how odd it looks when the totals still go up.
“Nvidia posted strong revenue and profits that exceeded Wall Street’s expectations Wednesday. The closely watched result could prompt a sigh of relief across the stock market following growing concerns about an artificial intelligence bubble.
Nvidia’s sales grew 62% year-over-year to $57 billion in the October quarter, ahead of the $54.9 billion Wall Street had projected, signaling that demand for AI chips remains strong even as more questions emerge about whether returns from the technology will keep up with the pace of infrastructure investments. It posted profits of $31.9 billion, up 65% from the year-ago quarter and also slightly above expectations.
“Blackwell sales are off the charts, and cloud GPUs are sold out,” Nvidia CEO Jensen Huang said in a statement, a message that echoes his earlier arguments that fears of an AI bubble are overblown.”
https://www.cnn.com/2025/11/19/tech/nvidia-earnings-ai-bubble-fears
That line about cloud GPUs being sold out hits in a way when everybody keeps whispering about a bubble but nobody wants to be the first to say it.
“Nvidia’s (NVDA) latest AI partnership with Microsoft (MSFT) and Anthropic underscores the chipmaker’s torrid pace of dealmaking this year, even as circular artificial intelligence agreements have set off alarm bells among investors.
Nvidia invested $23.7 billion in firms in the space through 59 deals between the start of 2025 and Monday, according to Pitchbook data. For the entirety of 2024, Nvidia inked a total of 54 deals worth $22.8 billion.
Nvidia’s investments in AI firms — totaling roughly $53 billion and amounting to 170 deals between 2020 and 2025 — span the entire AI ecosystem, ranging from large language model developers such as OpenAI (OPAI.PVT) and Cohere (COHR.PVT) to “neoclouds” like Lambda (LAMD.PVT) and CoreWeave (CRWV), which specialize in AI services and compete with the chipmaker’s Big Tech customers.”
https://finance.yahoo.com/news/nvidias-24b-ai-deal-blitz-has-wall-street-asking-questions-about-murky-circular-investments-110039309.html
That $53 billion spread over 170 deals sticks out because that’s the kind of spending spree people only defend when the cracks are already starting to show.