Nvidia’s fiscal 2025 results showcased revenue of $57 billion in Q3, up 62% year-over-year, and gross margins sustained above 70%, while valuation multiples contracted by 15% even as earnings per share grew by over 80%. Inventory increased by $4 billion and receivables by $3 billion during the quarter, reflecting prepositioning for integrated AI systems rather than weakening end-market demand. Consensus estimates project full-year earnings growth of 75% and free cash flow generation exceeding $35 billion, underscoring that share-price gains have lagged the company’s fundamental expansion.

Nvidia plans to begin shipping its H200 AI accelerators to China using existing inventory by mid-February, backed by preliminary orders for two million units in 2026. These shipments follow U.S. export-control relief granted late in 2025 and represent an opportunity to recapture an estimated 13% of overall revenue. Production capacity is being ramped at Taiwan Semiconductor Manufacturing to support both H200 volume and concurrent Blackwell platform deployments in data centers globally. Approval timing in Beijing remains the primary execution risk, but management indicates high confidence based on positive bilateral discussions.