Nvidia reported another strong quarter but there are two red flags, Swissquote Bank’s Ipek Ozkardeskaya writes in market comments. The artificial-intelligence chip maker’s gross margin slipped to 74.6% in the third quarter from 75.1% in the second quarter, Ozkardeskaya notes. Nvidia’s next-generation AI chips, known as Blackwell, are in high demand from customers like Microsoft, Google, Meta and Elon Musk’s xAI. However, these companies will be done buying chips on a large scale at some point, Ozkardeskaya says, and Nvidia will need to find new clients.