Hyperscaler Quarterly Earnings Takeaways Q3 2025 – NVIDIA and ASIC duo boost cloud revenues for hyperscalers

US hyperscalers invested $121 billion this quarter, focusing on hybrid compute systems. Power constraints may delay capacity deployment and impact revenue.

US hyperscalers’ capital expenditures reached $121 billion this quarter, with about 60% of that investment in servers and 40% in datacenter and networking equipment. Companies are preparing to develop hybrid compute capabilities that include both NVIDIA and custom ASIC chips, and with NVIDIA’s NVLink Fusion chip, the market for hyperscalers’ custom CPUs is only expanding. Power consumption, however, remains a major constraint, and as companies seek third-party sources to address this issue, it could delay capacity deployment and affect potential revenue for hyperscalers.