内容来源：https://techcrunch.com/2025/11/19/nvidias-record-57b-revenue-and-upbeat-forecast-quiets-ai-bubble-talk/

内容总结：

英伟达创始人兼首席执行官黄仁勋在第三季度财报会议上展现出对公司前景的强劲信心，而业绩表现确实为其乐观态度提供了有力支撑。本季度该公司营收达570亿美元，同比增长62%；净利润达320亿美元，同比激增65%，两项核心数据均超越华尔街预期。

业绩增长的引擎主要来自数据中心业务。该板块营收创下512亿美元纪录，环比增长25%，同比增幅达66%。其余58亿美元收入中，游戏业务贡献42亿美元，专业可视化及汽车芯片业务共同构成剩余部分。

首席财务官科莱特·克雷斯在股东声明中指出，计算能力加速、强大AI模型和智能应用共同推动了数据中心业务增长。据披露，本季度宣布的AI工厂及基础设施项目总计需要500万块GPU芯片支持。她特别强调："这种需求覆盖云服务商、国家级项目、现代建筑企业及超算中心等全领域，包含多个标志性建设项目。"

三月份发布的Blackwell Ultra系列GPU表现尤为突出，已成为公司主力产品。黄仁勋直言该系列芯片销量"超出预期"，并宣布"云GPU已全面售罄"。他进一步阐释："计算需求在训练和推理领域持续加速复合增长，我们已进入AI发展的良性循环——更多基础模型开发者、跨行业AI初创公司正在全球范围内快速扩展生态。"

值得关注的是，面向中国市场的H20数据中心GPU出货量仅5000万块，业绩未达预期。克雷斯坦言："由于地缘政治因素及中国市场日趋激烈的竞争，本季度未能实现大规模订单。我们正持续与中美政府沟通，致力于维护美国企业的全球竞争力。"

展望未来，英伟达预计第四季度营收将攀升至650亿美元，该预测推动其盘后股价上涨超4%。针对市场热议的"AI泡沫论"，黄仁勋持不同观点："从我们的视角观察，看到的完全是持续增长的发展图景。"

中文翻译：

英伟达创始人兼首席执行官黄仁勋在第三季度财报会议上展现出强劲信心，而公司的业绩表现确实为其提供了有力支撑。第三季度英伟达营收达到570亿美元，较去年同期增长62%。根据美国通用会计准则，其净利润为320亿美元，同比增幅达65%。营收与利润双双超越华尔街预期。

业绩数据显示，这家芯片巨头的增长引擎主要来自数据中心业务。该板块营收创下512亿美元的历史纪录，环比增长25%，同比激增66%。其余58亿美元营收中，游戏业务贡献42亿美元，专业可视化及汽车业务紧随其后。

首席财务官克雷斯在致股东声明中指出，计算能力加速、强大AI模型和智能体应用共同推动了数据中心业务的增长。她在电话会议中透露，本季度公司宣布的AI工厂及基础设施项目总计需要500万块GPU芯片。

"这种需求遍及所有市场——云服务提供商、主权机构、现代建筑企业以及超级计算中心，其中包含多个标志性建设项目。"克雷斯强调。

三月份发布的Blackwell Ultra芯片已推出多种配置版本，市场表现尤为强劲，现已成为公司主力产品。据公司透露，Blackwell架构的早期版本也持续保持着旺盛需求。

黄仁勋表示Blackwell系列GPU芯片的销量"已突破天际"。

「Blackwell芯片销量势不可挡，云端GPU全面售罄。」黄仁勋在财报声明中表示，「训练与推理带来的计算需求持续加速复合增长——两者均呈指数级攀升。我们已步入AI发展的良性循环。AI生态系统正在急速扩张——涌现更多基础模型开发商、更多AI初创企业、覆盖更多行业与国家。AI正在无远弗届地渗透一切领域。」

克雷斯同时指出，专为生成式AI和高性能计算设计的H20数据中心GPU出货量仅为5000万块，由于对华销售受限，这一表现未达预期。

"受地缘政治因素及中国市场日益激烈的竞争影响，本季度未能实现大规模采购订单。"克雷斯在电话会议中坦言，"虽然当前限制使我们无法向中国出口更具竞争力的数据中心计算产品令人遗憾，但我们仍致力于持续与中美政府沟通，并将继续倡导美国保持全球竞争力的必要性。"

值得关注的是，英伟达预计第四季度营收将达650亿美元，这一乐观预测推动其盘后股价上涨超4%。

至少在黄仁勋看来，结论很明确：忘掉泡沫论，唯有增长才是主旋律。

"关于AI泡沫的讨论不绝于耳，"黄仁勋在财报会议上表示，"但从我们的视角观察，看到的却是截然不同的景象。"

英文来源：

Nvidia founder and CEO Jensen Huang struck a bullish tone in the company’s third-quarter earnings. And based on the company’s results, there may be reason to.
Nvidia reported revenue of $57 billion in the third quarter, 62% higher compared to the same quarter last year. The company’s net income on a GAAP basis was $32 billion, 65% higher year-over-year. Both revenue and profit results beat Wall Street expectations.
The revenue picture shows a company booming thanks largely to its data center business. Revenue generated by Nvidia’s data center business was a record $51.2 billion, up 25% from the previous quarter and up 66% from a year ago. The remaining $5.8 billion in revenue came from Nvidia’s gaming business with $4.2 billion, followed by sales in professional visualization and automotive.
Nvidia’s CFO Colette Kress noted in a statement to shareholders its data center business has been fueled by an acceleration of computing, powerful AI models, and agentic applications. During the company’s Q3 call, Kress said in this past quarter, the company announced AI factory and infrastructure projects amounting to an aggregate of 5 million GPUs.
“This demand spans every market, CSPs, sovereigns, modern builders enterprises and super computing centers, and includes multiple landmark build outs,” Kress said.
Blackwell Ultra, a GPU unveiled in March and available in several configurations, has been particularly strong and is now the leader within the company. Previous versions of the Blackwell architecture also saw continued strong demand, according to the company.
Huang said sales of its Blackwell GPU chips “are off the charts.”
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“Blackwell sales are off the charts, and cloud GPUs are sold out,” Huang said in the company’s Q3 earnings statement. “Compute demand keeps accelerating and compounding across training and inference — each growing exponentially. We’ve entered the virtuous cycle of AI. The AI ecosystem is scaling fast — with more new foundation model makers, more AI startups, across more industries, and in more countries. AI is going everywhere, doing everything, all at once.”
Kress did note that the company’s shipments of H20, a data center GPU designed for generative AI and high-performance computing, were 50 million, a disappointing result due to its inability to sell to China.
“Sizable purchase orders never materialized in the quarter due to geopolitical issues and the increasingly competitive market in China,,” Kress noted on the earnings call. “While we were disappointed in the current state that prevents us from shipping more competitive data center compute products to China, we are committed to continued engagement with the U.S. and China governments, and will continue to advocate for America’s ability to compete around the world.”
Importantly, Nvidia is forecasting more growth with a projected revenue of $65 billion in the fourth quarter, helping push its share price up more than 4% in after-hours trading.
The upshot, at least in Huang’s view: forget about the bubble, there is only growth.
“There’s been a lot of talk about an AI bubble,” Jensen said during the company’s earnings call. “From our vantage point, we see something very different.”