20 November 2025
If you are covering the latest financial results from Nvidia, and the implications for the wider market, please find below a comment from Ben Barringer, head of technology research at Quilter Cheviot:
“Nvidia’s results shows the company continues to walk the walk when it comes to the artificial intelligence story, and it has proven to talk a good game too, rebutting many of the accusations around an overhyped investment market. Firstly, its results backed up what has already been a stellar past couple of years, beating expectations comfortably and revenues accelerating going forward.
“On the conference call, however, chief executive Jensen Huang struck a decisive tone and looked to put to bed any concerns that the AI trade is done or flawed in any way. Firstly, it was noted that demand remains strong across every facet of the AI industry – it is not just the hyperscalers that are driving things in this market. Secondly, supply is struggling to keep up, but Nvidia is ramping it up as quickly as possible. The company also noted that its older generation products continue to run at full utilisation and continue to be updated from a software perspective. As such Nvidia’s products have a long life span that should help sustain the business going forward. With its next generation Rubin GPU still on track for the second half of 2026, the company has a good pipeline going forward too.
“There remain some areas of concern. Vendor financing remains very prevalent, which Nvidia suggests is it partnering with the strongest players. Whether or not that comes to be the case remains to be seen given some of this does remain speculative. Meanwhile, China sales remain effectively zero.
“Nonetheless, this is just what the market wanted after a nervous couple of weeks. Nvidia has done well to assuage any fears that it was beginning to slow its growth and as such the rest of the market will respond accordingly. Given so much hinged on this latest set of results, and given the success of them, investment markets may just see a Santa rally in December after all.”
