黄仁勋再临“大考”

Core Viewpoint - Nvidia's upcoming Q3 earnings report is anticipated to not only reflect the company's growth potential but also serve as a bellwether for the AI industry, potentially impacting global AI-related stocks [1] Financial Performance Expectations - Analysts expect Nvidia to report earnings of $1.25 per share and revenue of $54.9 billion for Q3, representing a 56% year-over-year growth [2] - Nvidia has consistently exceeded market expectations in its past 10 quarters, and analysts are optimistic about the upcoming report [2][3] Analyst Predictions - Analysts from Jefferies and Wedbush predict Nvidia will surpass earnings expectations and raise guidance, citing increased capital expenditures from large-scale enterprises supporting AI initiatives [3] - The anticipated revenue for Q4 FY2025 is projected to reach $61.44 billion, indicating a potential acceleration in growth [2] Future Guidance and Market Outlook - Nvidia's CEO, Jensen Huang, is expected to provide insights on the scale of unfulfilled orders and the overall outlook for 2026 during the earnings call, which will be closely monitored by investors [4][5] - Analysts project Nvidia's total revenue for 2026 to reach $286.7 billion, significantly higher than previous market expectations [5][6] Strategic Partnerships and Investments - Nvidia has been active in strategic partnerships, including a potential $10 billion investment in OpenAI, which will purchase 4 to 5 million Nvidia GPUs over the coming years [8] - The company also plans to invest $5 billion in Intel to enhance compatibility between their chips and Nvidia GPUs, and has invested $1 billion in Nokia [8] Competitive Landscape - Nvidia currently holds over 90% of the global AI GPU market, but faces increasing competition as clients develop custom semiconductors [9] - Analysts expect Huang to address the competitive landscape during the earnings call, which is a key concern for investors [9] Challenges in the Chinese Market - Nvidia faces significant uncertainty in the Chinese market, with projections indicating a decline in market share from 66% in 2024 to 54% in 2025 [10] - The company's sales forecasts do not include revenue from the Chinese market, and recent comments from Nvidia executives suggest a pessimistic outlook for sales in this region [10][11]