11:50 AM EST, 11/10/2025 (MT Newswires) -- Nvidia's ( NVDA ) fiscal Q3 results are set to exceed the company's guidance, reflecting steady momentum from its artificial intelligence and data center graphics processing unit, or GPU, business, UBS said in a note Sunday.

The chipmaker is scheduled to release its fiscal Q3 2026 results following the market close on Nov. 19.

UBS analysts, including Timothy Arcuri, said revenue for the quarter is expected to reach about $56 billion, above the company's guidance of $54 billion. This represents a roughly $2 billion beat, consistent with previous quarters before US restrictions on chip sales to China were introduced.

For fiscal Q4, revenue is projected at around $63 billion to $64 billion, although Nvidia ( NVDA ) likely has at least $5 billion of flexibility above that level based on production capacity and inventory levels. As a result, the company could choose to guide higher, with UBS models projecting about $66 billion in Q4 revenue, the analysts added.

Many investors believe that much of the potential earnings "surprise" for 2026 is now gone, following Nvidia's ( NVDA ) backlog disclosure during its GPU Technology Conference, which suggests earnings per share close to $9 for 2026, the analysts said.

The analysts added that two major points of debate among investors are the company's exposure to China and whether challenges such as power availability, memory costs, or customer financing issues could limit Nvidia's ( NVDA ) earnings growth.

UBS is maintaining its earnings estimates of about $7.75 for calendar year 2026 and $9.50 for 2027. The firm is also keeping its buy rating on Nvidia ( NVDA ) with a price target of $235.

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