Nvidia(US:NVDA) Hua Er Jie Jian Wen·2025-05-20 01:12Core Insights - Morgan Stanley's report indicates that Nvidia's path to returning to growth in the second half of the year is becoming clearer, despite no major surprises from the Computex keynote [1] - Several mid-term concerns that previously troubled the market, such as customer digestion cycles and GB200 bottlenecks, are being resolved [1][7] - Nvidia's new NVLink Fusion technology expands ecosystem compatibility and is expected to boost communication infrastructure revenue, although its impact on ASIC competition needs further evaluation [1] Product Developments - Nvidia introduced several key products at Computex, including the RTX PRO server for enterprise AI inference, which can be configured with up to 8 Blackwell RTX Pro Graphics 6000 cards [2] - The company updated its robotic foundational model, Isaac GR00T, to include a synthetic data generation framework for humanoid robot training [2] - Upcoming products include the DGX Spark personal workstation, set to launch in July, and the DGX Station later this year [2] Financial Outlook - Morgan Stanley projects an earnings per share of $5.70 for fiscal year 2025, assigning Nvidia a "buy" rating with a target price of $160, which is above the semiconductor industry average [2] - Nvidia's stock has risen over 40% from its year-to-date low, reaching $135.57 [2] Challenges and Resolutions - Nvidia faces several short-term challenges, but many mid-term concerns are being addressed, including the establishment of a new supercomputer with Foxconn and TSMC as a key R&D customer [4][5] - The customer digestion cycle has stabilized, and the collaboration ecosystem between cloud providers and LLM suppliers is improving [7]