Nvidia just dropped its third-quarter earnings after Wednesday's market close, and the numbers are staggering. With Wall Street expecting $54.92 billion in revenue and CEO Jensen Huang sitting on a $500 billion chip order backlog through 2026, this earnings call could reshape how investors think about the AI infrastructure boom that's driving unprecedented demand for the company's processors.
Nvidia just delivered the earnings report that could define the next phase of the AI revolution. The chip giant posted its third-quarter results Wednesday evening, with Wall Street laser-focused on whether the company can justify its massive valuation amid an AI infrastructure spending spree unlike anything the tech industry has ever seen.
The numbers tell a remarkable story. Analysts expected $54.92 billion in revenue and $1.25 in earnings per share, but the real drama centers on what CEO Jensen Huang calls the company's "unprecedented" order pipeline. Last month, Huang revealed that Nvidia has locked in $500 billion worth of chip orders spanning 2025 and 2026, including demand for the company's forthcoming Rubin processors that will start shipping in volume next year.
Every major player in AI depends on Nvidia's hardware. OpenAI, Google, Microsoft, Amazon, and Meta all use the company's chips to train their next-generation models. But it's the hyperscalers - the handful of companies building massive data centers - that are driving the real spending surge. These firms have committed hundreds of billions of dollars to construct new facilities around Nvidia technology in what industry insiders describe as the largest infrastructure buildout in computing history.
"All five of the top AI model developers in the U.S. use our chips," Huang noted in recent investor communications, according to CNBC reporting. That dominance has analysts projecting 39% sales growth for Nvidia's fiscal 2027, which kicks off in early 2026.
But the earnings call isn't just about current demand. Investors are watching Nvidia's aggressive deal-making strategy, which has accelerated dramatically in recent months. The company agreed to invest in OpenAI, struck a partnership with Nokia, and even invested in former rival . Just this week, committed $10 billion to AI startup Anthropic, signaling the company's willingness to bet big on the ecosystem it's helping to build.
