Nvidia Stock Today, 20 November 2025: NVDA Jumps After Record $57B Quarter and $500B AI Chip Pipeline

Nvidia stock is back in the spotlight today, 20 November 2025, after the AI chip leader delivered another blowout quarter that rippled through global markets and temporarily quieted talk of an “AI bubble.”

Nvidia Stock Today: How NVDA Is Trading on 20 November 2025

After reporting earnings late Wednesday, Nvidia (NASDAQ: NVDA) is trading sharply higher today:

Previous close (Wed, 19 Nov): $186.52, up 2.85% on the day ^[1]
After-hours reaction: NVDA jumped about 5% in extended trading to around $196, adding over $220 billion in market value in a few hours. ^[2]
Premarket today: Shares traded around $196–197, up roughly 5% as of Thursday morning, according to Reuters. ^[3]
Market capitalization: Nvidia’s valuation sits around $4.5 trillion, keeping it the most valuable publicly listed company in the world. ^[4]
52‑week range: Approximately $86.62 to $212.19 per share. ^[5]

The immediate driver: a record third quarter and a bigger‑than‑expected revenue outlook, along with management reaffirming visibility into around $500 billion of AI chip demand through 2026. ^[6]

Earnings Recap: A Record $57 Billion Quarter

Nvidia’s fiscal third quarter 2026 (ended 26 October 2025) smashed expectations:

Total revenue:$57.0 billion,
- +22% vs. the previous quarter
- +62% vs. a year earlier ^[7]
Net income (GAAP): about $31.9 billion, up 65% year over year. ^[8]
Earnings per share (GAAP & non‑GAAP):$1.30, beating Wall Street estimates of around $1.26. ^[9]
Gross margin: ~73–74% GAAP and non‑GAAP. ^[10]

The story, once again, is data centers:

Data center revenue:$51.2 billion,
- +25% quarter‑on‑quarter
- +66% year‑on‑year ^[11]
- This segment accounts for the vast majority (around 90%) of Nvidia’s total sales. ^[12]

Other segments are growing, but are sideshows compared with AI infrastructure:

Gaming: $4.3 billion (down 1% QoQ, but up ~30% YoY). ^[13]
Professional visualization, automotive & robotics all posted double‑digit percentage growth year‑over‑year, but together contribute only a small fraction of revenue compared with data centers. ^[14]

On the call and in its press release, Nvidia again emphasized its Blackwell and Rubin AI GPU platforms, which underpin this growth. CEO Jensen Huang described Blackwell sales as “off the charts”, and said cloud GPUs are “sold out.” ^[15]

Outlook: Q4 Guidance Tops Estimates, Margins Stay in the Mid‑70s

The forward view was just as important for the stock reaction:

Q4 FY26 revenue guidance: about $65.0 billion, plus or minus 2%
- Wall Street had been expecting around $61–62 billion. ^[16]
Expected gross margins: roughly 75% (mid‑70s), with management indicating it intends to keep margins in that range through fiscal 2027. ^[17]

Nvidia also highlighted massive capital‑return firepower:

Cash returned to shareholders in the first nine months of FY26:$37 billion via buybacks and dividends.
Remaining repurchase authorization: about $62.2 billion.
Next dividend:$0.01 per share on 26 December 2025, to shareholders of record on 4 December. ^[18]

For investors focusing on fundamentals, this is a rare combo: explosive top‑line growth, very high profitability, and ongoing capital returns.

The $500 Billion AI Chip Pipeline

A big part of today’s enthusiasm is Nvidia’s claim that it can see roughly half a trillion dollars’ worth of AI chip demand over the next couple of years.

On the Q3 call:

CFO Colette Kress reiterated that Nvidia is “on track” for around $500 billion in AI processor orders across 2025–2026, largely driven by its Blackwell and Rubin accelerators. ^[19]
Reuters reported that booked demand for advanced chips through 2026 is around $500 billion, underscoring the size of the order book. ^[20]

Where is this demand coming from?

Cloud hyperscalers like Microsoft, Google, Amazon and Oracle, building massive AI data centers. ^[21]
Sovereign AI projects and national compute initiatives — from the U.S. to Europe, the Middle East and Asia — that want “AI factories” using Nvidia systems. ^[22]
Enterprise AI and startups, including major model developers like OpenAI, Anthropic and others, which Nvidia has partnered with for large‑scale infrastructure deployments. ^[23]

Nvidia also highlighted:

A strategic partnership with OpenAI to deploy at least 10 gigawatts of Nvidia systems for next‑generation AI infrastructure. ^[24]
Plans to power multiple new AI supercomputers in the U.S. and abroad with tens of thousands of Blackwell GPUs. ^[25]

In short, the company is positioning itself as the central hardware and software platform for global AI compute.

Market Reaction: Nvidia Ignites a Global Tech Rally

Nvidia’s numbers are not just moving one stock; they’re pulling entire markets higher today.

Global equities:
- European benchmark STOXX 600 up around 0.7%, with Germany and France both gaining about 0.8%. ^[26]
- Asian indexes like Japan’s Nikkei 225, South Korea’s Kospi and Taiwan’s Taiex all rallied in Thursday trading, helped by tech and chip names. ^[27]
Tech sector:
- Reuters notes that global tech stocks are surging as Nvidia’s results signal that AI hardware demand remains strong. ^[28]
- U.S. chipmakers AMD and Intel are up roughly 5% and 2% respectively in early trade, with European peers like ASML also gaining over 2%. ^[29]

According to one Reuters piece, Nvidia is on track to add about $243 billion to its market capitalisation today if gains hold — more than the entire market value of many blue‑chip companies. ^[30]

What Wall Street Is Saying Today

Analysts have wasted no time responding to Nvidia’s “beat and raise.”

Target Price Hikes and Ratings

Goldman Sachs and JPMorgan both lifted their Nvidia price targets to $250 after the report, maintaining bullish ratings. ^[31]
Mizuho raised its target from $235 to $245, keeping an Outperform rating. ^[32]
Jefferies upped its target to $250 from $240. ^[33]
Loop Capital has one of the most aggressive targets on the Street at $350 and a Buy rating. ^[34]
William Blair reiterated its Outperform stance, noting the stock’s roughly 5% after‑hours jump to around $196 immediately following the release. ^[35]

On the valuation side:

Morningstar raised its fair value estimate for Nvidia from $225 to $240, calling the company a “wide‑moat” AI infrastructure leader and saying the shares remain moderately undervalued near current levels. ^[36]
Forward P/E is about 28–29x, according to Reuters data, which is actually below AMD’s ~36x and well under Intel’s >60x, despite Nvidia’s faster growth. ^[37]

A DailyForex survey of analyst estimates puts the average 12‑month price target around $235, suggesting further upside from today’s levels, though it flags growing downside risks as well. ^[38]

AI Bubble or “Virtuous Cycle”? The Debate Today

Heading into this earnings report, markets were worried that the AI trade had become a bubble, especially after a period in early 2025 when AI‑related stocks, including Nvidia, fell sharply on concerns about over‑investment and weak near‑term returns. ^[39]

Jensen Huang confronted this narrative head‑on:

On the earnings call he acknowledged “a lot of talk about an AI bubble” but said from Nvidia’s perspective the reality looks very different, citing demand that continues to accelerate for both training and inference workloads. ^[40]
In his statement, Huang described Nvidia as being in a “virtuous cycle of AI”, with compute demand compounding as more industries and countries adopt large‑scale AI. ^[41]

Many on Wall Street agree, at least for now:

Wedbush’s Dan Ives called the quarter a “huge print and guidance” that should reignite the bullish tech trade and said fears of an AI bubble look “way overstated.” ^[42]
Morningstar wrote that Nvidia’s latest numbers show “no signs of a near‑term AI bubble”, even as they acknowledge that long‑term returns depend on continued deployment of AI in the real economy. ^[43]

But not everyone is convinced:

Analysts at Stifel and Summit Insights, quoted by Reuters, warn that AI infrastructure spending growth may not be sustainable indefinitely, and question how much of the boom is being fueled by extended depreciation lives, generous financing, and circular capital flows between Nvidia and AI startups. ^[44]
Nvidia’s revenue is also becoming more concentrated: four customers now account for 61% of sales, up from 56% last quarter, heightening exposure to a handful of hyperscalers. ^[45]

So, today’s quarter takes the edge off bubble fears, but doesn’t end the debate.

Key Risks Still on the Radar for NVDA

Even after a stellar print, investors watching Nvidia stock today need to keep several risks in mind:

1. Customer Concentration and “Circular” AI Economy

With 61% of revenue coming from just four customers, Nvidia is heavily exposed to the spending cycles and capex decisions of a small group of tech giants. ^[46]
Nvidia has also invested billions into AI startups that, in turn, are major GPU customers, prompting some concerns about a self‑reinforcing “circular” AI economy if funding or returns disappoint. ^[47]

2. Export Controls and Geopolitical Tensions

Nvidia remains largely locked out of China for high‑end AI chips because of U.S. export restrictions. ^[48]
Management said it excluded data‑center compute revenue from China from its Q4 outlook, acknowledging that some large orders couldn’t be fulfilled due to geopolitics. ^[49]
The U.S. Commerce Department has, however, authorized exports of up to 35,000 Blackwell chips to Saudi Arabia and the UAE, opening new growth channels in the Middle East. ^[50]

3. Physical Bottlenecks in Power and Infrastructure

Analysts warn that power, land and grid constraints could limit how fast hyperscalers can bring all this GPU capacity online, potentially slowing the conversion of Nvidia’s order pipeline into revenue. ^[51]

4. Valuation and Volatility

Even after recent pullbacks, Nvidia shares are up around 39% year‑to‑date and more than 1,100–1,200% over the past three years, making NVDA one of the most powerful compounders in market history. ^[52]
While its forward P/E is below some peers, any slowdown in AI spending or negative regulatory surprise could trigger sharp volatility, particularly given its $4.5T+ market cap and huge weight in global indices. ^[53]

What Today’s Move Means for Nvidia Shareholders

For existing or prospective investors, several themes stand out after today’s reaction:

AI demand is still accelerating
- Data‑center revenue is not just large; it’s re‑accelerating, with the first uptick in growth rate in seven quarters. ^[54]
- Nvidia continues to win massive commitments across cloud, sovereign AI, and enterprise, suggesting the AI infrastructure build‑out is still in an early phase. ^[55]
Profitability and cash returns are exceptional
- Few companies generate 73–75% gross margins on tens of billions in quarterly revenue while also returning tens of billions to shareholders. ^[56]
Valuation is rich but not extreme versus growth and peers
- A forward P/E in the high‑20s for a company growing revenue at 60%+ and earnings even faster is aggressive but not obviously bubble‑level compared with other high‑growth chipmakers. ^[57]
Risk is shifting from “Is AI real?” to “Can the ecosystem absorb this much capacity?”
- The debate is less about whether AI is a fad and more about power grids, data‑center buildout, customer capex cycles and regulatory friction. ^[58]

As always, this article is for information and news purposes only and does not constitute financial advice or a recommendation to buy or sell any security. Nvidia is now so large and influential that its stock can drive entire indices — which means upside surprises can be powerful, but so can future disappointments.

What to Watch Next

Investors tracking Nvidia stock after today’s move may want to keep an eye on:

Execution on Blackwell and Rubin: shipment volumes, supply chain capacity and any new product announcements. ^[59]
Updates on the $500B pipeline: whether bookings continue to grow and how quickly they convert into recognized revenue. ^[60]
Power and data‑center build‑out: commentary from utilities, hyperscalers and regulators on energy and grid constraints. ^[61]
Export control decisions: any changes in U.S.–China chip policy, as well as new approvals like the recent Middle East export authorizations. ^[62]
Competitive roadmap: AMD, Intel and custom AI accelerators from big tech companies will help shape Nvidia’s pricing power and market share longer‑term. ^[63]

For now, on 20 November 2025, Nvidia’s latest quarter has re‑energized the AI trade, lifted global tech shares, and pushed NVDA higher once again, reinforcing its status as the defining stock of the AI era.

Nvidia Earnings Spreads Relief Across Tech Stocks