Nvidia(US:NVDA) Zhi Tong Cai Jing·2025-11-20 14:37Core Viewpoint - Nvidia's latest quarterly performance and outlook have provided reassurance to Wall Street amid skepticism surrounding the AI investment boom, effectively countering concerns about AI demand, financing bubbles, and GPU lifecycle [1][2]. Group 1: Financial Performance and Projections - Nvidia's revenue is projected to exceed $300 billion by fiscal year 2027, according to Morgan Stanley, although more specific data is needed to convince investors of the net present value of these investments [1]. - The company has secured approximately $500 billion in orders from its Blackwell and Rubin platforms, excluding new deals like the one with Anthropic, which alone represents over $30 billion in potential revenue [2]. - Nvidia's quarterly revenue growth of $10 billion indicates that demand is outpacing supply, suggesting that market expectations for Nvidia may still be revised upward [2]. Group 2: Market Position and Competitive Landscape - Nvidia's GB300 sales are robust, accounting for two-thirds of the Blackwell series shipments, and the company anticipates a gross margin in the mid-70% range, higher than market expectations [3]. - Despite increased competition from companies like AMD and Broadcom, Nvidia remains the preferred supplier in the AI ecosystem, with a 32% increase in inventory and a 63% rise in supply commitments [3]. - Analysts believe that Nvidia's ability to meet or exceed its $500 billion data center computing order target for 2025-2026 is strong, given the current supply constraints [3]. Group 3: Analyst Sentiment and Industry Outlook - Analysts have expressed strong optimism regarding Nvidia's future, with Wedbush Securities stating that the recent earnings call has "shaken the world" and reaffirmed the belief that the AI revolution is not a bubble but part of a significant industrial transformation [4]. - The ongoing demand for AI, as observed in global supply chains and Asian markets, suggests that AI growth is far from over, indicating a potential tech bull market in the coming years [4].