Nvidia, the largest-cap company in the world with a current market capitalization of around $4.53 trillion right now, released its Q3 2025 earnings call on Wednesday, 19 November. To the great relief of everyone, not just NVDA stockholders, the results came in better than expected.
The company’s total revenue in July through September 2025 was $57 billion, a 62-per-cent increase compared to Q3 2024. The biggest share of the turnover came from the market demand for the chips used in AI data centres, manufactured by the Santa Clara, California-based tech giant.
Q4 projections also pleased investors, with the company expecting to take in around $65 billion in revenue in the current three-month period. As a result, the NVDA stock price is, as of the time of writing this, up 4.8 per cent in pre-market trading, trading at $195.48 per share.
The reason we wrote above that this is good for the broader market and not just Nvidia holders is because the major stock indexes had been jittery ahead of the chip manufacturer giant’s Q3 earnings call. The Dow Jones Industrial Average peaked at 48,255 points at market close 12 November, and has lost around 4.4 per cent of its value since. The S&P 500 and the NASDAQ Composite have also been on a similar slide.
Evidently, anticipation of the latest NVDA quarterly data was just one of the reasons for the sell-offs. The impacts of the prolonged government shutdown, doubts about a third interest rate cut by the Federal Reserve at their last 2025 meeting, and rising gas prices also helped drive the broader market pullback.
On that last note, the average price of a gallon of gas is up to $3.10, according to AAA. That is up from $3.036 from a month ago. Up until mid-November, gas prices have stayed lower than the year before in the first year of President Trump’s second term. That is, alas, no longer the case. At this point in 2024, the national average for a gallon of gas at the pumps was $3.066.
However, the issue weighing most heavily on investors’ minds lately has been the valuation of AI-related companies.
A potential ‘AI bubble’ has been excessively covered in mainstream press, raising worries that market fundamentals do not warrant the sky-high market caps of certain tech companies. Nvidia was the prime ‘suspect’ in that conversation, but its latest numbers seem to ease some of those concerns.
This has led to other tech companies’ stock prices also rising in pre–market trading. Microsoft is up 0.62 per cent, Apple is up 0.40 per cent, Amazon is up 1.51 per cent, and Meta is up 1.14 per cent—again, as of the time of writing this, these numbers are changing by the minute.
Despite recent volatility, the broader market remains firmly in positive territory for 2025. The Dow Jones is up 8.84 per cent, the S&P 500 is up 13.18 per cent, while the tech-specific NASDAQ composite is up 17.03 per cent year-to-date, as of market close 19 November.
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