BAF NEWS

Nvidia Q3 FY26 earnings: record $57B and $65B outlook

Nvidia Q3 FY26 earnings November 2025 set a new high: $57.0B in revenue, with Data Center at $51.2B, and nvidia q4 fy26 guidance to $65.0B (±2%). The figures reinforce broad AI infrastructure demand across cloud and enterprise.

• Revenue: $57.0B; Data Center: $51.2B.
• nvidia q4 fy26 guidance: $65.0B, plus or minus 2%.
• Management emphasized strong order momentum and visibility.

Zoom in: Jensen Huang said “Blackwell sales are off the charts, and cloud GPUs are sold out.” The upshot, near-term demand remains durable as customers scale workloads.

Inside Nvidia Q3 FY26: Blackwell demand and supply context

blackwell gpu demand is intense, but Nvidia says capacity is sufficient. Jensen Huang clarified that “sold out” reflects customers running existing fleets at full tilt, not an absence of new supply. He also said business is “very, very strong,” signaling confidence into the next product waves.

The upshot, blackwell gpu demand should continue to drive mix and utilization, while supply planning and logistics remain a key execution lever.

Timeline: November 18–21, 2025 tech and AI milestones

This week’s milestones span devices, cloud rules, AI infrastructure, testing, memory, and media.

• anthropic azure investment, Anthropic committed $30B to Azure; Microsoft and Nvidia plan up to $5B and $10B, and Anthropic will deploy ~1 GW of Nvidia hardware.
• eu dma cloud investigations, The European Commission opened three market probes into AWS and Azure under the DMA, targeting completion in 12 months.
• China smartphones, Apple took 25% share in October; iPhone sales rose 37% year over year on iPhone 17 demand.
• GPU testing, Nvidia–Menlo Micro switches accelerate validation by 30%–90%.
• Memory pivot, LPDDR adoption in AI servers could push lpddr server memory prices 2026 to roughly double by late 2026.
• Media M&A, Warner Bros Discovery (WBD) received preliminary buyout bids from major media firms.
• Manufacturing, Foxconn plans $2–$3B a year on AI for 3–5 years.
• Networks, Nokia reorganized around AI-focused infrastructure, with profit targets through 2028.

Anthropic–Microsoft–Nvidia pact deepens AI infrastructure ties

The anthropic azure investment cements tighter integration among a model developer, a hyperscaler, and a chip leader. Anthropic will use Azure at massive scale, with roughly 1 GW of Nvidia hardware, while Microsoft and Nvidia plan additional funding. One executive put it simply, “We will use Anthropic models, they will use our infrastructure and we’ll go to market together.”

The upshot, alignment between models, platforms, and silicon should speed deployment and expand addressable AI workloads across Azure services.

Testing and memory shifts reshape the GPU supply chain

Zoom in, Nvidia and Menlo Micro introduced metal MEMS switching chips that speed GPU testing by 30%–90%, easing a validation bottleneck before boards enter the data center. As one executive noted, “If you don’t validate the GPUs before you get into the data center, you’re going to have errors and other issues.”

Meanwhile, Nvidia’s pivot from DDR5 to LPDDR in AI servers could tighten supply and drive lpddr server memory prices 2026 significantly higher by late 2026. The change aims to cut power, but it also pulls capacity from smartphone-tilted supply chains.

Regulatory and market backdrop: EU DMA cloud probes and China smartphones

The European Commission’s eu dma cloud investigations examine whether AWS and Azure meet gatekeeper thresholds and if current DMA rules adequately address cloud competition. Officials also said, “We will also look at whether the DMA’s existing rules need to be updated.”

In China, Apple captured 25% of October smartphone sales as iPhone 17 demand surged. That strength provides a counterweight to mixed global device trends and underscores premium demand in a key market.

Industry moves: Foxconn AI capex, Nokia strategy, and WBD bids

Foxconn plans $2–$3B annually on AI for 3–5 years, and said, “For now, AI will be the majority of the investment.” Nokia reorganized into Network Infrastructure and Mobile Infrastructure, set profit targets for 2028, and deepened its AI positioning. Separately, WBD received preliminary buyout bids from Paramount Skydance, Comcast, and Netflix, according to reports.

The upshot, capital is rotating toward AI infrastructure at scale, while media consolidation talks continue.

What’s Next

What’s next, Watch how nvidia q4 fy26 guidance interacts with order timing, Blackwell rollouts, and utilization. Track conclusions from the eu dma cloud investigations over the next 12 months. Monitor the anthropic azure investment ramp as Azure integrates models and Nvidia hardware.

Additionally, follow lpddr server memory prices 2026 as vendors allocate capacity across HBM, LPDDR, and DDR5. Keep an eye on WBD bid outcomes, Foxconn’s AI capex cadence, and Nokia’s execution toward its 2028 targets. Finally, reassess positioning after the next print on Nvidia Q3 FY26 earnings momentum and mix.