NVIDIA Says Relax, There is No Bubble

Sector6  Nov 21. 2025 The bi-weekly newsletter by AIM that brings the biggest shifts shaping IT, AI, and GCCs. NVIDIA Says Relax, There is No Bubble Despite the signs and bells of bubbles popping and ringing, with even Michael Burry weighing in, NVIDIA just made it clear that it is not the case. In its latest earnings call, the company's growth saw signals that, at least for now, nothing is holding them back.  By Mohit Pandey NVIDIA closed the quarter with numbers that look almost unreal in a market still arguing about an AI bubble. The company reported Q3 FY26 revenue of $57 billion, up 22% from the previous quarter and 62% from last year.  Most of it came from data centres, which surged to $51.2 billion, an increase of 66% from last year. CEO Jensen Huang sounded like someone no longer concerned about demand cycles. He said the rush for its Blackwell chips has blown past anything they had internally expected. "Blackwell sales are off the charts and cloud GPUs are sold out."  He said compute needs are rising across training and inference. In his words, the industry has stepped into a "virtuous cycle of AI." CFO Colette Kress doubled down on that confidence on the earnings call. "Record Q3 data centre revenue of $51 billion increased 66% year over year, a significant feat at our scale." She attributed the jump primarily to the GB300 ramp, strong networking demand and greater AI adoption by hyperscalers and model builders.  She also said the clouds have no free capacity left and every GPU generation in the field is running at full load. This largely aims to debunk the GPU depreciation conversation brought in by Michael Burry while calling out the AI bubble. Also read: The Mechanics of GPU Depreciation  Meanwhile, people are also talking about the 'Curse of OpenAI'. As reported by Financial Times, Oracle stock witnessed a stark drop since September, when it announced the $300 billion agreement with OpenAI.   [AIM Network Exclusive] In this episode of Simulated Reality, Yadvendra Kshatri, co-founder and head of AI - Aidetic, shares the journey of building the company from its early experimentation with video analytics and transformer models to delivering over 300 production-grade AI solutions. No Bubble Then? Huang pushed back on all the talk about an AI bubble. He said they are seeing a different reality. Blackwell's GB300 alone accounted for roughly two-thirds of all Blackwell revenue as customers rushed to the new platform.  He pointed at the performance gains. Blackwell Ultra cuts training time by five times compared to Hopper. In DeepSeek R1 tests, it delivers 10 times better performance per watt and 10 times lower cost per token than H200. The next platform, Rubin, is already in motion. First silicon has already arrived. Kress said they expect a fast ramp when it launches in 2026. The roster of customers keeps growing. NVIDIA said it is now working on AI factory projects that need five million GPUs, spanning cloud players, sovereign plans, enterprises and supercomputing centres. The list of recent deals is extensive. xAI's Colossus 2 stands out as one of the largest, running at a gigawatt scale. AWS and Humane plan to deploy up to 1.5 lakh NVIDIA accelerators. Anthropic has signed a new agreement, is adopting NVIDIA's architecture for the first time and has booked up to one gigawatt of compute for its next systems. Huang summed it up in one statement. "We run every AI model—OpenAI, Anthropic, xAI, Gemini, science models, biology models, robotics models." So, perhaps the bubble isn't actually real after all?   AI NEWS >> Karnataka announced six new letters of intent (LoIs) and a set of skilling partnerships at the Bengaluru Tech Summit 2025. Google announced Gemini 3, calling it another big step on the path toward AGI. Former Amazon chief Jeff Bezos is returning to an active leadership role as he takes the helm of a newly formed AI startup, Project Prometheus.   SAS Academy for Data & AI Excellence is Training India's Workforce for the GenAI Era SAS, a global leader in analytics, is addressing the demand shortage of skilled engineers in India by equipping the workforce with the skills required for modern AI-driven roles. The SAS Academy for Data & AI Excellence curriculum is designed to help learners move from foundational analytics to advanced AI and automation, guided by SAS-certified instructors through flexible weekend online programs. Click here to learn more.   [Developers' Meetup] Building Tomorrow: Where Cloud, AI & Data Converge Join us at the Dentsu Global Services Developers' Meet Up 2025 to explore this powerful synergy that's reshaping innovation. Engage with industry leaders, discover cutting-edge tools and gain insights into how this convergence is powering the next era of digital transformation. 📍 November 22 – Bengaluru 📍 December 6 – Pune Register here. Best Firm for Data Scientists – Showcase your leadership in data science and build a thriving workplace. Apply Now Join AIM Leaders Council – Connect with top data leaders and shape the future of AI. Check Eligibility Our Events – Be part of an exclusive event uniting North America's top data leaders. More Details AIM PeMa Quadrant – Discover the best in AI and data services with AIM's PeMa Quadrant. Explore Now GCC Explorer Unlock Exclusive Insights into 1400+ Global Capability Centers (GCCs) in India with AIM Research's Comprehensive Database.  Access GCC Explorer   Stay ahead with these insights, and join us in driving the future of data science and technology. Your active engagement and participation are what make our community thrive.   For Brand Collaborations, Contact us at info@aim.media To unsubscribe from future emails, simply click the "unsubscribe" link AIM. Unsubscribe © Copyright, 2025, AIM • 1st Floor, Sakti Statesman, Marathahalli – Sarjapur Outer Ring Rd, Green Glen Layout, Bellandur, Bengaluru – 560103 Sector6  Oct 22. 2025 The bi-weekly newsletter by AIM that brings the biggest shifts shaping IT, AI, and GCCs. Hyderabad vs Bengaluru for GCCs Bengaluru's long reign as India's GCC capital is facing a fresh wave of challengers. Hyderabad has emerged as the country's new greenfield GCC hotspot, and Tier-2 cities aren't far behind. by Mohit Pandey OpenAI has officially launched Atlas, a browser that embeds ChatGPT right into your browsing window, so you can ask, write, summarise or even automate tasks without ever switching tabs. Atlas is now live for macOS users across the Free, Plus, Pro and Go tiers, with beta access rolling out for Business, Enterprise and Education accounts. Versions for Windows, iOS, and Android are already on the horizon.  The browser's key pitch is simple, but brilliant: ChatGPT goes wherever you go online.  During the demo, Sam Altman, the CEO of OpenAI, summed it up, "It's smooth, it's quick and it's very nice to use." Social media, of course, had its say. Many users attribute these traits to Google's Chromium. "Something's bugging me about Atlas—it's clearly Chromium-based (you can tell from the user agent and UI), but I can't find any credit to Chromium anywhere. No license info, no acknowledgements," a user said on Hacker News. "Sam realises that his team just made Chrome with ChatGPT as the home tab." Meanwhile, right around this launch, OpenAI wrote on X that Meta changed its policies so that 1-800-ChatGPT won't work on WhatsApp after January 15, 2026. "Luckily, we have an app, website and browser you can use instead to access ChatGPT," OpenAI added in a not-so-subtle flex. [AIM Network Must Watch] On October 20, a single DNS resolution failure in AWS' US-EAST-1 region disrupted millions of users and businesses globally. The ripple effect was felt across Snapchat, Reddit, Perplexity AI and UK-based banks. This video breaks down what caused the AWS outage. [Event Alert] Global integrated risk assessment firm Moody's is set to host its invite-only event 'Moody's India Open House' on Friday, November 7, at The Ritz-Carlton in Bengaluru's Ashok Nagar. Click here to know more.  [Webinar Alert] AIM x Polestar Innovator Session: Are You Agent-Ready? Join Ankit Rana, chief innovation officer at Polestar Analytics, and Siddharth Poddar, chief product officer at Polestar Analytics, as they break down what it truly means to be "agent-ready". Click here to know more.   The timing of ChatGPT's Atlas release couldn't have been more intriguing.  Recently, Perplexity unveiled Comet, its AI-first browser designed to automate web workflows. Microsoft's Edge leans deeper into its Copilot Mode. Meanwhile, Google's Chrome has Gemini-powered conversational search, Brave has Leo, Opera has Neon and, now, OpenAI has Atlas. "Just woke up. Did I miss anything?" Aravind Srinivas, CEO of Perplexity, sarcastically said on X. In response, users dismissed any cause for concern, noting that it was just another browser in the market. But Atlas isn't just another search bar upgrade. For power users, an Agent Mode lets ChatGPT handle multi-step tasks like research, analysis or scheduling. It's an early glimpse at what OpenAI calls "autonomous agents". Yes, it's all built on top of Google's Chromium, which feels almost poetic.  The company that kickstarted the AI boom with ChatGPT, itself built on Google's Transformer architecture, is now wrapping its biggest rival's codebase to take on its core product. This ironically pushed Google to play catch-up with Gemini. Three years later, OpenAI is doing it again. This time, however, not with a chatbot, but with the browser itself.   AI NEWS >> DeepSeek has announced DeepSeek-OCR, which processes over two lakh pages per day on a single NVIDIA A100 GPU and scales up to 33 million pages daily using 20 nodes. Anthropic has launched Claude Code on the web, a browser-based tool that allows users to assign and run coding tasks directly in the cloud. Andrej Karpathy revealed that his latest open-source project, nanochat, was written entirely by hand, confirming that he did not rely on AI tools for the code. Best Firm for Data Scientists – Showcase your leadership in data science and build a thriving workplace. Apply Now Join AIM Leaders Council – Connect with top data leaders and shape the future of AI. Check Eligibility Our Events – Be part of an exclusive event uniting North America's top data leaders. More Details AIM PeMa Quadrant – Discover the best in AI and data services with AIM's PeMa Quadrant. Explore Now GCC Explorer Unlock Exclusive Insights into 1400+ Global Capability Centers (GCCs) in India with AIM Research's Comprehensive Database.  Access GCC Explorer   Stay ahead with these insights, and join us in driving the future of data science and technology. Your active engagement and participation are what make our community thrive.   For Brand Collaborations, Contact us at info@aim.media To unsubscribe from future emails, simply click the "unsubscribe" link AIM. 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