11:03 AM EST, 11/13/2025 (MT Newswires) -- Nvidia ( NVDA ) is set to report its fiscal Q3 earnings next Wednesday, with Oppenheimer seeing upside to consensus estimates, citing 'insatiable AI appetite' and strong demand for its rack-scale NVL72 systems.

For fiscal Q3, Nvidia ( NVDA ) is expected to report $54.7 billion in revenue and $1.25 in earnings per share, with Q4 projections at $61.5 billion and $1.42 per share, fueled by demand for its new GB300 Ultra GPUs, according to the research note Wednesday.

Analysts surveyed by FactSet expect $54.78 billion in revenue and $1.25 EPS for Q3, and $61.81 billion in revenue and $1.43 EPS for Q4.

At this month's GPU Technology Conference, Chief Executive Jensen Huang projected cumulative revenues of $500 billion from the Blackwell and Rubin GPU families by the end of 2026, with about $350 billion yet to be realized, the report said.

Oppenheimer projects data center revenue, which accounts for 88% of total sales, to increase 19% quarter over quarter and 58% year over year, driven by the transition from GB200 to GB300 deployments.

Networking revenue is expected to rise 63% in Q3, supported by NVLink and Spectrum-X demand. Gaming sales, roughly 9% of total revenue, are projected to increase 14% sequentially amid improved Blackwell RTX GPU supply and an Intel x86 SoC partnership.

The company generated $13 billion in fiscal Q2 free cash flow and is projected to exceed $150 billion in calendar 2026, with gross margins expected to approach 75% by year-end.

Oppenheimer maintained its outperform rating on Nvidia ( NVDA ) and raised its price target to $265 from $225.

Shares of Nvidia ( NVDA ) were down 3.3% in recent Thursday trading.

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