Nvidia results impress even the Wall Street bear

Nvidia, the most valuable company in the world, delivered record earnings results for the third quarter, with revenue up 62% year over year, impressing even the lone analyst on Wall Street with a sell rating on the stock.

Why it matters: The results, and the market reaction thus far, indicate that nothing is stopping the Nvidia train.

What they're saying: "It was a good quarter, I give them full credit for that," Jay Goldberg, the lone bear and senior analyst at Seaport Research Partners, told Axios after the earnings release Wednesday.

• "Honestly, I thought it was going to be a much stronger guide. But this is still a decent guide," he said, adding the guidance beat may not be enough for investors forget the recent tech headwinds.
• On the call, Nvidia CFO Colette Kress said the firm expects half a trillion dollars of revenue from its Blackwell and Rubin chips through 2026.
• "Blackwell sales are off the charts, and cloud GPUs are sold out," Nvidia CEO Jensen Huang said in a statement in the earnings release.

Zoom out: The broader question of whether the market is heading full speed ahead into an AI bubble lies on Nvidia's back, given that it makes up 8% of the S&P 500 and 1% of the global market.

• Huang addressed this at the top of his remarks on the call: "There's been a lot of talk about an AI bubble. From our vantage point, we see something very different."
• He then talked about examples of returns on AI investment, mentioning everything from Meta's advertising business to expansion opportunities for OpenAI.

Reality check: The results are still not enough to make Goldberg change his sell rating, he said, since he is still concerned about how long customers can keep spending billions on Nvidia chips.

• He is concerned about the path forward for neocloud players in particular.
• "The sort of growing looming question is how long can they keep this up?"

What to watch: Whether the results lift the broader market.

• Headwinds facing Nvidia and the broader AI ecosystem were "not put to rest" with these results, Dan Morgan at Synovus Trust wrote in a note.