03:09 PM EST, 11/20/2025 (MT Newswires) -- Nvidia's ( NVDA ) fiscal Q4 revenue guidance points to strong revenue in the following quarter as the "supply" number significantly increased in fiscal Q3 despite recent "bubble" concerns, UBS Securities said in a note emailed Thursday.

Nvidia's ( NVDA ) supply sequentially grew by $25 billion to $70 billion in fiscal Q3, and history suggests this usually accounts for 80% to 90% of the next quarter's revenue, but Nvidia ( NVDA ) issued a fiscal Q4 revenue outlook of "only" $65 billion, according to the note.

This scenario implies that even if supply does not increase when Nvidia ( NVDA ) reports fiscal Q4, it could still see revenue of $75 billion to $80 billion in fiscal Q1, UBS said.

UBS maintained its $235 price target and buy rating.

Shares of Nvidia ( NVDA ) were down 2.3% in recent Thursday trading.

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