[Stock Prediction] Will NVIDIA Beat Again?

$NVIDIA(NVDA)$ reports fiscal Q3 2026 earnings after market close on Nov 19. Wall Street expects about $55B in revenue, but JPMorgan says another “beat-and-raise” is very likely and already lifted its Q4 outlook to $63–64B, well above the $61.5B consensus. The key message: demand isn’t the issue—supply capacity is.

Earnings Highlights

This quarter’s spotlight is on the Blackwell ramp. JPMorgan expects Blackwell/Blackwell Ultra rack shipments to jump nearly 50% QoQ, reaching close to 10,000 units, with momentum continuing into Q4. NVIDIA’s 2026 rack backlog has already surpassed 70,000 units, more than a full year of maximum capacity, suggesting its medium-term growth is essentially locked in.

Margins remain a watch point as HBM4 and LPDDR costs rise, but analysts still expect NVIDIA to hold gross margins in the mid-70% range. For the stock, what management says about Blackwell capacity, AI spending, and power constraints may matter more than the numbers themselves.

Overall, Wall Street remains positive. JPMorgan maintains its Overweight rating with a $215 price target, noting that NVIDIA’s upside in the coming quarters depends almost entirely on supply expansion rather than demand. For the stock, the numbers may matter less than management’s commentary on Blackwell production, long-term AI spending trends, power-capacity bottlenecks, and cost inflation.

NVIDIA will host its earnings call at 6:00 AM SGT on November 20. Click to set a reminder.

🎁Events Details

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⏰Event Duration

• November18-November 20 03:00