高盛：Nvidia 要点_推理复杂性推动未来计算需求；重申买入并将目标价上调至 150 美元

Investment Rating - The report maintains a "Buy" rating on Nvidia Corp. (NVDA) and raises the 12-month price target to $150, reflecting an 11.3$134.81 [2][3]. Core Insights - Nvidia's competitive advantage is bolstered by a large installed base, innovative capabilities at both chip and data center levels, and a robust software ecosystem [14]. - The complexity of Inference workloads is increasing, leading to higher compute demand, which Nvidia is well-positioned to capture as it approaches nearly 50% of the company's Data Center revenue [13]. - The introduction of Blackwell architecture is expected to drive significant revenue growth, with several billion dollars anticipated in the upcoming quarters [12]. - Nvidia's forward visibility in its Data Center business is strong, with engagements extending to its public product roadmap through 2027 [15]. - The company anticipates tight supply conditions to persist, despite efforts from partners to support growth [16]. Summary by Sections Revenue and Earnings Estimates - FY2025 revenue estimates are increased by 1%, FY2026 and FY2027 estimates are raised by 7% each, reflecting higher cloud capex and robust order trends [18]. - Updated non-GAAP EPS estimates for FY2025, FY2026, and FY2027 are $2.97,$4.63, and $5.54, respectively, which are above Street consensus by 4%, 14%, and 14% [18]. Financial Metrics - Total revenue growth is projected at 125.9% for FY2024, with EBITDA growth at 345.7% and EPS growth at 413.1% [6]. - The gross margin is expected to remain stable around 73.5% to 75.4% over the forecast period [22]. Competitive Landscape - Nvidia's management emphasizes that while ASICs have a role in data centers, they do not pose a direct threat to Nvidia's GPUs due to the latter's agility and extensive installed base [14]. - The company is focusing on emerging opportunities in Sovereign AI, autonomous vehicles, and humanoid robots as future growth drivers [17]. Market Dynamics - The report highlights a projected 14% year-over-year increase in cloud capex for CY2025, indicating a favorable environment for Nvidia's growth [21].