NVIDIA posts 62% revenue growth but faces $4.5B China charge and regulatory headwinds

Filed November 19, 2025 · Period ending October 26, 2025 · Compared to 10-Q Nov 20, 2024 · ~2 min read

Key Changes

• high

  Q3 revenue hit $57B (+62% YoY) with Blackwell now majority of datacenter sales, but gross margin compressed to 73.4% as business shifts from GPU systems to full-scale datacenter solutions including networking and fabric.

  MD&A: Revenue and Gross Margin verify on EDGAR →
• high

  U.S. export controls triggered $4.5B inventory charge on H20 chips in Q1; company states it is 'effectively foreclosed' from China datacenter market and warns this will help competitors build ecosystems to challenge NVIDIA globally.

  Risk Factors: China Export Controls verify on EDGAR →
• high

  Customer concentration intensified: four direct customers now represent 61% of revenue (largest at 22%), and one AI research company (widely understood as OpenAI) contributes 'meaningful' revenue indirectly through cloud providers.

  MD&A: Customer Concentration verify on EDGAR →