Despite the pressure from trade restrictions with China, Nvidia maintained its leadership in AI chips, once again posting results that exceeded expectations. Nvidia, which has become a virtual "industry barometer" for understanding the trajectory of the global AI investment cycle, manages to capture the market's attention every earnings cycle, even after being excluded from US momentum portfolios. This quarter's results were no exception: the company not only posted strong figures but also largely dispelled recent concerns about a loss of momentum in AI spending.

The share price rose almost 6% in off-hours trading after the earnings report, and the positive sentiment spilled over into US futures. The market reaction further underscored the continued robust demand for advanced chips and Nvidia's position as a key indicator of the global AI ecosystem. The company shared revenue expectations of approximately $65 billion for the January quarter, a figure several billion dollars above analyst estimates. Nvidia management has recently stated that it has a revenue window exceeding $500 billion in the coming quarters. Furthermore, it's been stated that even this forecast may remain cautious due to the strength of the influx in data center investments. This guidance is particularly critical because sentiment in AI stocks has weakened significantly in recent weeks. Investors have increasingly been asking, "Have we reached the peak?" after the uninterrupted rally of the last two years. Nvidia's updated outlook significantly alleviates these questions.

Nvidia's third-quarter figures were exceptionally strong. Revenue: $57 billion, up 62%. More than $51 billion of this came from the data center segment alone. Demand for AI accelerators remains at record levels. Because these high-performance chips are key components in training and running large language models, they are essential for cloud providers, autonomous systems, and major technology companies. Strong demand for Nvidia's H100, H200, and new Blackwell series continues to strain the capacity of data center manufacturers. The company is effectively a "leader who can't meet demand."

The results were quickly followed by a positive reaction during Asian trading hours:

SK Hynix ➜ +6%

Tokyo Electron ➜ +6%

US rivals like AMD, Intel, and Broadcom ➜ rose after the session. Nvidia's earnings were a "moral boost" for the long-pressed stock markets of Japan, Korea, and Taiwan. Semiconductor manufacturers in the region continue to indirectly benefit from Nvidia's strong order flow.

Market commentators emphasize that chip demand still outpaces supply by a wide margin. With Nvidia's new Blackwell architecture, the bottleneck is reportedly no longer confined to chip production, but rather to power infrastructure, cooling technologies, and supply chain support equipment. This could particularly benefit traditional industrial suppliers in Asia. In other words, as Nvidia grows, not only technology companies but also the underlying hardware ecosystem grows.

Despite all this, it's difficult to say the outlook is completely risk-free. US restrictions on advanced chip exports to China are keeping Nvidia out of this market, where it used to sell massive amounts. AI joint ventures with major tech companies sometimes make it difficult to distinguish between real demand and strategic business deals. While competitors like AMD, Broadcom, and Qualcomm are strengthening their ties with major data center operators, some cloud providers are continuing to develop their own proprietary AI chips. However, Nvidia believes the complexity required for end-to-end deployment of AI systems will drive customers back to Nvidia.

The company remains at the heart of the global AI infrastructure. Strong expectations, growing order volumes, and relentless demand in the data center sector suggest no signs of the AI ​​cycle approaching its peak. On the contrary, Nvidia's guidance suggests that the sector will continue to expand rapidly in the coming period.