英伟达季报下周揭晓，顶级科技投资人唱多：至少再繁荣两年

Core Viewpoint - Nvidia's upcoming earnings report is highly anticipated, with a top tech investor expressing that Wall Street's bullish sentiment is not strong enough before the release [1]. Group 1: Analyst Insights - Gene Munster, founder of Deepwater Asset Management, remains optimistic about Nvidia despite concerns over potential growth slowdown and cooling AI transactions, believing the company's prosperous period will last at least another two years [1]. - Munster highlighted two main reasons for analysts' cautious stance: uncertainty about Nvidia's product supply and that not all of the 60 analysts tracking the company have raised their earnings forecasts based on the latest information [1]. - Even those analysts who have raised their forecasts have only increased their revenue estimates for next year by approximately 6% [1]. Group 2: Future Projections - Munster noted that Nvidia's CEO Jensen Huang provided optimistic revenue forecasts during the recent global technology conference, which he believes supports a bullish outlook for Nvidia's stock over the next year [1]. - Huang's revenue targets for Blackwell and Rubin suggest over 10% growth potential by the end of 2026, with Munster expecting revenue growth estimates for 2026 to rise from 39% to 45% [2]. Group 3: Market Context - Wall Street currently anticipates Nvidia's revenue growth of 59% in 2025, 39% in 2026, and 22% in 2027 [3]. - Munster pointed out a "Catch-22" situation for Nvidia, where weak performance guidance could signal market weakness, while strong performance might raise concerns about excessive capital expenditure in GPUs [3]. - Despite SoftBank's recent divestment from Nvidia to invest in OpenAI, Munster remains confident in Nvidia's growth potential, asserting that the company is still in the early stages of AI development [3]. - Since 2025, Nvidia's stock has risen by 40%, although this increase lags behind competitors like AMD and Intel. The company's market capitalization briefly surpassed $5 trillion last month, but the stock has since retraced about 10% amid AI bubble concerns [3].