NVIDIA’s Latest Setup: Earnings Momentum Meets Market Volatility
NVIDIA entered the back half of the week riding a wave of record earnings, only to encounter sharp market turbulence that contrasted with the company’s exceptional fundamentals. Below is a full breakdown of the company’s Q3 fiscal 2026 results, the broader market reaction, and the latest intraday trading dynamics.
Record Q3 Fiscal 2026 Results
NVIDIA delivered another blowout quarter on November 19, 2025, posting all‑time‑high revenue and continued data center strength. According to the company’s official newsroom release (NVIDIA Newsroom):
- Revenue reached $57.0 billion, up 22% from Q2 and 62% year over year.
- Data center revenue hit a record $51.2 billion, rising 25% sequentially and 66% from a year ago.
- GAAP and non‑GAAP gross margins came in at 73.4% and 73.6%, respectively.
- Earnings per diluted share registered $1.30 on both GAAP and non‑GAAP metrics.
CEO Jensen Huang highlighted unprecedented demand trends driven by Blackwell‑powered computing and cloud GPU capacity, noting that “compute demand keeps accelerating and compounding across training and inference — each growing exponentially.”
Market Reaction: Strong Earnings, Weak Tape
Despite the staggering numbers, markets didn’t respond with the usual enthusiasm for megacap tech beats. Reports from Reuters and Bloomberg paint a picture of a fragile macro backdrop overwhelming what would normally be a sentiment‑boosting catalyst.
Reuters: AI exuberance gives way to market caution
Reuters reported that NVIDIA’s earnings “offered only a brief reprieve” as tech-led indices reversed hard on November 20 amid concerns about lofty AI‑driven valuations and uncertainty around the Federal Reserve’s path (Reuters). Even with the beat, fears around the durability of AI investment cycles dragged on the broader market.
Bloomberg: Macro pressure outweighs NVIDIA’s beat
Bloomberg noted that Nvidia experienced “two down days immediately” after its blockbuster results, pointing to macro pressures and a “risk‑off mentality” across the market despite robust fundamentals (). The firm’s report was strong, but not strong enough to overcome large‑cap tech weakness and shifting investor positioning.