Nvidia ($NVDA) has repeatedly stunned investors with record revenues, wider profits, and total market domination during a breakout period for genAI and advanced computing. And without surprise, they’ve done it again. In Q3 2024, the company’s revenue rose 17% quarter-over-quarter and 94% year-over-year to $35.1B — with $30.8B coming from its AI-flavored data center business. But with the lofty expectations Nvidia carries, some investors were left underwhelmed.

• While third-quarter revenues exceeded expectations according to data compiled by Bloomberg Intelligence, its $37.5B forecast for Q4 disappointed some.
• Analysts were looking for $37.1B in sales for Q4, but some forecasts reached as high as $41B — a significant premium to Nvidia’s announced forecast.

Buyer beware: Nvidia CEO Jensen Huang emphasized, “The age of AI is in full steam,” pointing to strong demand for its new AI hardware products like Hopper and Blackwell, which are being delivered this quarter. Still, Nvidia remains one of the few companies turning AI into a highly profitable enterprise. However, many tech giants are still struggling to make AI ventures profitable, fueling some of the worries that hopped-up AI-conscious investors are weighing —NVDA

fell nearly 2% in after-hours.

Read: AMD Unleashes “Industry-Leading” Chips to Challenge Nvidia’s Dominance