xilinmen(SH:603008) Jin Shi Shu Ju·2025-05-27 10:40Core Viewpoint - Nvidia is set to release its highly anticipated Q1 2025 earnings report, amidst significant market fluctuations and geopolitical developments affecting its operations [2][3]. Group 1: Earnings Expectations - Analysts expect Nvidia to report an adjusted EPS of $0.88 and revenue of $43.3 billion for the quarter, compared to an adjusted EPS of $0.61 and revenue of $26 billion in the same quarter last year [3]. - The data center business is projected to generate $39.2 billion in revenue, a 74% increase from $22.5 billion year-over-year, while the gaming segment is expected to reach $2.8 billion, slightly above last year's $2.6 billion [3]. - Nvidia's revenue from China is anticipated to hit $6.2 billion, a substantial 150% increase from $2.4 billion in the previous year, with the U.S. market expected to contribute $21.6 billion [3]. Group 2: Geopolitical Context - Nvidia faces a $5.5 billion impairment loss due to the Trump administration's ban on H20 chip exports to China, a situation first disclosed in regulatory filings in April [3]. - The company is developing a revised H20 chip to comply with U.S. performance requirements, while also criticizing U.S. policies as "failed" during the Computex event [4]. - Nvidia has received some relief from export restrictions following the cancellation of the Biden administration's proposed AI chip export classification system, although new restrictions are still anticipated [4]. Group 3: Strategic Partnerships - Nvidia announced plans to provide hundreds of thousands of GPUs to AI startup Humain, backed by the Saudi sovereign wealth fund, highlighting Saudi Arabia's ambition and willingness to invest heavily in the AI sector [4][5]. - The company also revealed plans to build a second "Project Stargate" data center in the UAE, utilizing Nvidia's latest Blackwell system [4].