Nvidia(US:NVDA) 智通财经网·2025-05-28 08:59Core Viewpoint - Nvidia is set to release its Q1 FY2026 earnings report, with analysts expecting revenue of $43.3 billion, up from $26 billion year-over-year, and adjusted EPS of $0.88 compared to $0.61 a year ago [1] Group 1: Earnings Expectations - Analysts predict Nvidia's Q1 FY2026 revenue to be $43.3 billion, significantly higher than the previous year's $26 billion [1] - Adjusted EPS is expected to be $0.88, an increase from $0.61 year-over-year [1] Group 2: Impact of H20 Sales Ban - Morgan Stanley notes that the H20 chip sales ban to China will have a significant impact, estimating a revenue loss of approximately $1 billion for Q1 FY2026 and $5 billion for Q2 FY2026 [1][2] - The firm believes that Nvidia lacks a complete substitute for the H20 product and that the likelihood of a quick resolution to the sales ban is low [2] Group 3: Production and Supply Chain Insights - Morgan Stanley has observed improvements in the production issues related to the GB200 rack, with approximately 1,500 units delivered in April, indicating a potential increase in supply [2][3] - The current monthly delivery rate for GB200 racks is at an annualized level of 18,000 units, suggesting that previous pessimistic forecasts regarding production capacity may be overly negative [3] Group 4: Market Demand and Future Growth - There is a strong demand for inference capabilities, with large-scale customers reporting demand exceeding expectations, which is a critical long-term variable for Nvidia [3][4] - Morgan Stanley maintains a positive outlook for Nvidia's growth in the second half of the year, emphasizing that if the company can communicate confidence in supply improvements and demand growth during the earnings call, the stock is likely to perform well [4]