Server semi: NVDA likely to beat F3Q26 & F4Q26 expectations; bigger beat likely in F4Q guidance Nov 2025

We see NVDA Data Center revenue for F3Q26 and F4Q26 is ahead of Street estimates, with F4Q26 likely to deliver a meaningfully larger beat, driven by a robust GB200 ramp, higher-than-anticipated initial GB300 output, and continued networking momentum.