Core Viewpoint - Citigroup's report indicates that NVIDIA's Q2 sales of $46.5 billion and Q3 sales forecast of $54 billion meet investor expectations, with a notable gross margin guidance of 73.5%, exceeding market expectations by 70 basis points [1] Group 1: Financial Performance - NVIDIA's gross margin guidance of 73.5% aligns with Citigroup's expectations and is higher than market forecasts [1] - The company anticipates maintaining a gross margin of approximately 75% by the end of the year [1] Group 2: Market Outlook - NVIDIA projects that AI infrastructure spending will reach $3 to $4 trillion by the end of 2030, significantly higher than Citigroup and market's 2029 forecast of $2.3 trillion [1] - There is potential for data center sales to increase, particularly as NVIDIA has secured some export licenses for Chinese customers, which could yield an additional $2 to $5 billion per quarter [1] Group 3: Earnings Forecast - Citigroup has raised NVIDIA's earnings per share forecasts for fiscal years 2025 and 2026 by 2% and 10% respectively, reflecting an increase in weekly GB300 cabinet capacity by 10,000 units and improved network equipment compatibility [1] - The target price for NVIDIA has been increased from $190 to $210, maintaining a "buy" rating [1]
大行评级|花旗:上调英伟达目标价至210美元 上调今明财年每股盈利预测