The chipmaker reported that revenue for the three months ending in October surged 62 percent to $57 billion, propelled by a rush for its data center silicon. That division alone generated over $51 billion, a 66 percent increase that helped reassure some anxious traders. Projected fourth-quarter sales of around $65 billion exceeded expectations, pushing Nvidia shares up about four percent in after-hours trading. The company has become the industry’s go-to indicator for the AI boom, with everyone treating its earnings call like a championship match. Nvidia CEO Jensen Huang stated that sales of its Blackwell AI systems were "off the charts" and that "cloud GPUs are sold out. " Huang added to analysts, "There's been a lot of talk about an AI bubble. From our vantage point, we see something different. We excel at every phase of AI. " Wall Street’s anxious traders focused intently on this update after several tense days when AI valuations caused the S&P 500 to drop nearly three percent in November amid concerns the excitement had peaked. Adam Turnquist, chief technical strategist at LPL Financial, said the key question before the results was not whether Nvidia would beat forecasts, "but by how much. " Matt Britzman, senior equity analyst at Hargreaves Lansdown, commented: "While AI valuations are dominating news, Nvidia is operating in style. " He noted parts of the AI sector might need a pause, but Nvidia was not among them. Huang had previously forecast $500 billion in AI chip orders through 2025, and investors sought clarity on the timing of those orders and how the company planned to deliver the massive volume of hardware. Nvidia CFO Colette Kress told analysts the company would "probably" accept more orders beyond the $500 billion already projected. She lamented that U. S. export restrictions to China were stifling a portion of demand and stressed that the U. S. "must win the support of every developer, " including those in China. Kress affirmed Nvidia’s "commitment to continued engagement" with both governments. On November 20, 2025, at the U. S. –Saudi Investment Forum in Washington, Huang appeared with Elon Musk to promote a vast Saudi data center powered by hundreds of thousands of Nvidia chips.

Musk’s xAI will be the facility’s inaugural customer. The Wall Street Journal reported that the U. S. Commerce Department had quietly greenlit sales of up to 70, 000 advanced AI chips to state-affiliated firms in Saudi Arabia and the UAE, overturning a previous decision. This deal reportedly followed discussions between U. S. President Donald Trump and Saudi Crown Prince Mohammed bin Salman during the prince's White House visit. Nvidia, which recently became the first company to reach a $5 trillion valuation, is central in an AI arms race as Big Tech pours money into infrastructure with seeming disregard for the cost. Meta, Alphabet, and Microsoft have all confirmed their AI budgets are rapidly expanding. Alphabet CEO Sundar Pichai told the BBC that AI investment represents an "extraordinary moment, " though he acknowledged parts of the boom exhibited "irrationality. " His remarks echoed concerns voiced across the industry. Simon French, chief economist at Panmure Liberum, noted the frenzy resembled the dotcom bubble from 25 years ago, when valuations soared before collapsing in 2000. French told the BBC’s Today program that the main concern lies with the broader tech ecosystem, which remains largely unprofitable. Nvidia provides essential silicon for AI data centers and is deeply entangled in a complex network of deals with OpenAI, Anthropic, and xAI. These relationships have drawn attention for their circular nature, including Nvidia’s $100 billion investment in OpenAI, the creator of ChatGPT.