Here's what analysts are saying about Nvidia earnings

• Nvidia beat forecasts again in its third-quarter results on Wednesday.
• CEO Jensen Huang said more Blackwell chips will be delivered this quarter than previously estimated.
• One analyst says some investors are concerned about a possible slowdown in future growth.

Nvidia delivered another strong set of quarterly results on Wednesday, sparking positive initial reactions among the company's analysts.

Nvidia's revenue and earnings per share beat consensus estimates.

"There was nothing of any great fundamental consequence on the negative side," said Robert Lea, a senior analyst at Bloomberg Intelligence.

The stock dipped slightly in pre-market trading after rising 202% this year, making Nvidia the world's most valuable company.

Nvidia observers were keeping a close eye on any mention of Blackwell chips, the popular next-generation chips in high demand.

CEO Jensen Huang was asked about past production challenges for Blackwell and a recent report about possible heating issues. He reiterated that Blackwell production is at full steam. Nvidia will deliver more Blackwell chips this quarter than previously estimated, Huang said, and demand exceeds supply as expected.

Wedbush analysts, including Dan Ives, issued another typically bullish note on Thursday:

"In another earnings performance for the ages Nvidia delivered a $2 billion top-line beat with $35 billion of sales showing a $5 billion sequential increase driven by flagship data center sales. We would characterize results as another earnings press release from Nvidia that should be framed and hung in the Louvre given these eye popping results and unprecedented growth from the Godfather of AI Jensen and Nvidia.

"The LeBron of chip releases, next generation Blackwell appears to ramping even faster than expected with NO overheating issues and appears to be on a massive demand trajectory ahead of the Street that our Wedbush Global Tech Team is tracking very closely throughout the Asia supply chain."

Konstantin Oldenburger at CMC Markets said Nvidia had exceeded forecasts again for both sales and profits, but some question marks remained.

"What stuck in people's minds was the possibility of a slowdown in future growth. The gross margin, which previously only knew one direction — up — to a whopping 75% of revenue, is expected to fall to 'only' 73% in the current quarter.

"Even if the competition can only dream of such figures, investors, who have been accustomed to success, now fear an end to Nvidia's growth story. Whether the fear is justified will become clear when the new chip generation Blackwell is delivered in the coming months," he wrote.

Deutsche Bank analysts said the results drew a "tepid reaction" because its guidance "failed to match some of the loftiest expectations."

They wrote in a note that third-quarter sales came in at $35.1 billion, above the $33.2 billion estimate. However, the fourth-quarter sales guidance was $37.5 billion "was 'only' a touch above the average analyst estimate of $37.1 billion."

"Overall it was deemed to be a slightly underwhelming outcome," they added.

HSBC analysts wrote in a note that they expect "significant" earnings upside for the 2026 financial year despite gross margin pressure.

Stephen Yiu, who manages the $1.4 billion London-based Blue Whale growth fund, invested 10% of the fund — the limit for any one stock. He told Bloomberg TV he wished he could have bought more Nvidia stock because he's so bullish on AI infrastructure.

"We need to believe in how AI is going to change the world in terms of our day-to-day," he said. "Nvidia remains the center of that AI transformation."