Nvidia Turned In The Base Case For Q3 '25 With No Catalyst In Sight (Rating Downgrade)
Summary
- NVIDIA Corporation reported strong fiscal Q3 2025 results, with a sizable revenue beat at $35.1B backed by record quarterly data center sales at $30.8B. Earnings also outperformed at $0.81 per share.
- Management guided fiscal Q4 2025 revenue of $37.5B, slightly exceeded consensus expectations, with FY25 margins expanding ~230bps.
- Yet, the lack of new, quantified Blackwell updates and non-Blackwell forward growth catalysts underpin fading momentum in the stock's premium at current levels.
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