Nvidia(US:NVDA) 智通财经网·2025-12-30 04:06Group 1 - UBS Securities published a report analyzing the $20 billion non-exclusive licensing agreement between NVIDIA (NVDA.US) and Groq, focusing on its industry impact [1] - The core of the deal involves NVIDIA incorporating Groq's Language Processing Unit (LPU) technology, which is designed for high-speed inference, addressing latency issues associated with traditional GPUs [1] - Groq's management team, including founders and former Google TPU developers, will join NVIDIA to drive technology integration while Groq continues to operate independently and provide GroqCloud services [1] Group 2 - The collaboration allows NVIDIA to enter the high-speed inference application market, which is one of the fastest-growing segments in the inference market, despite not being a traditional strength of GPUs [1] - UBS expects the stock price momentum to come from upward revisions in earnings per share (EPS), forecasting a price-to-earnings (P/E) ratio of around 20 times for 2026, corresponding to an expected EPS of approximately $9 to $9.50 [2] - The report emphasizes the importance of considering various valuation methods, including P/E and enterprise free cash flow (EV/FCF), while also highlighting potential risks such as macroeconomic fluctuations and competition from AMD and Intel [2][3] Group 3 - Overall analysis indicates that UBS holds a positive outlook on NVIDIA, believing the transaction will enhance its competitiveness in the high-speed inference market and expand market share through a system-level product portfolio [3]