NVIDIA Achieves Record Demand for Blackwell GPUs in Q3 Earnings, Enters a “Virtuous Cycle of AI”; $500 Billion End-2026 Growth Forecast On Track

NVIDIA has unveiled its Q3 earnings, offering strong evidence that the artificial intelligence (AI) trend is far from fading. This resurgence is largely attributed to the successful rollouts of Blackwell and Rubin systems.

NVIDIA’s Impressive Quarterly Performance Fueled by Blackwell System Adoption

Amid discussions about a potential decline in the AI market, NVIDIA’s latest earnings report demonstrates a different narrative. The company has achieved a remarkable quarterly revenue of $57 billion, marking a 22% increase quarter-over-quarter. Moreover, NVIDIA anticipates a continued upward trajectory, projecting revenues to hit $65 billion in Q4 of FY2026. CEO Jensen Huang highlighted the overwhelming demand for Blackwell systems, indicating that the AI sector, alongside three crucial scaling laws, is driving unprecedented compute requirements.

NVIDIA CEO Jensen Huang on record Q3 FY26 results.pic.twitter.com/aq5ACwLTXQ

— NVIDIA Newsroom (@nvidianewsroom) November 19, 2025

Despite the flourishing AI sector, NVIDIA faces challenges within its gaming division. The company reported a slight 1% quarter-over-quarter decline in consumer GPU sales. This drop was attributed to normalized inventory levels during the season, which is unusual, as the Q3-Q4 period typically aligns with heightened gaming GPU sales due to consumer upgrades and promotional events. However, NVIDIA still enjoyed a 30% year-over-year increase in gaming revenue, affirming its dominance in the market.

A table titled 'NVIDIA Quarterly Revenue Trend' shows Q3 FY26 total revenue at $57, 006 million, with the Data Center segment contributing $51, 215 million. — Image Credits: NVIDIA

NVIDIA’s ambitious forecast of achieving $500 billion in revenue, as articulated by Jensen Huang during the GTC Washington event, raised questions among industry analysts. Nonetheless, CFO Colette Kress addressed these concerns during the earnings call, stating:

We are working towards our $500 billion forecast. We are on track for that as we have completed several quarters now, and we have several ahead of us leading to the end of calendar year ’26. The number will grow. And we will achieve, I’m sure, additional needs for compute that will be shippable by fiscal year ’26.

It’s anticipated that Rubin will significantly contribute to this projected revenue, with higher customer adoption rates expected compared to the earlier Hopper and Blackwell systems. Despite skepticism about reaching this sales milestone, NVIDIA asserts that demand is robust, citing substantial GPU orders ranging from 400, 000 to 600, 000 from Saudi Arabia. Thus, NVIDIA appears more confident than ever in its capability for rapid revenue growth.

NVIDIA circuit board displayed on stage shows TWW 2538 on chips. — NVIDIA’s Vera Rubin Superchip

It’s notable that NVIDIA’s Q3 revenue figures do not include contributions from its Chinese customers, despite having significant clientele in the region. Consequently, the current surge in computing demand is primarily driven by cloud service providers (CSPs) and AI companies like OpenAI. With such dynamics at play, the outlook for both NVIDIA and the broader AI industry remains exceptionally promising.

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