英伟达（NVDA）：AIAgent与机器人结合构建AI工厂，继续利好Blackwell

Investment Rating - The report maintains a "Buy" rating with a target price of $180 for NVIDIA [7][8]. Core Insights - The report highlights the importance of the Inference Scaling Law, which is expected to drive AI computing demand alongside traditional Scaling Law, benefiting NVIDIA's Blackwell series [2][10]. - The combination of "Digital AI" represented by AI Agents and "Physical AI" represented by robots is anticipated to transform various industries [3][12]. - The report emphasizes the significance of domain-specific data for building AI models, with NVIDIA collaborating with SoftBank to establish Japan's most powerful AI factory [4][17]. Summary by Sections Investment Rating - The investment rating is "Buy" with a target price of $180, reflecting confidence in NVIDIA's growth potential [7][8]. Financial Projections - Revenue projections for FY25-27 are $128.8 billion, $229.7 billion, and $271.7 billion respectively, with net profits expected to reach $69.8 billion, $126.3 billion, and $146.7 billion [5][25]. - The adjusted EPS for FY25-27 is projected to be $2.91, $5.09, and $5.91 respectively, indicating strong earnings growth [5][25]. AI and Technology Trends - The report discusses the shift from traditional Scaling Law to Inference Scaling Law, which will continue to drive AI computing needs [2][10]. - AI Agents are expected to assist various job functions, enhancing productivity by taking over 50% of routine tasks [3][12]. - NVIDIA's Omniverse platform is highlighted for its role in simulating environments and robot actions, facilitating advancements in "Physical AI" [15]. Strategic Collaborations - NVIDIA's partnership with SoftBank aims to create a leading AI factory in Japan, leveraging the Blackwell platform for high-performance AI computing [4][19]. - The collaboration also includes the development of AI-RAN, a telecom network integrating AI and 5G, which could generate significant revenue for telecom operators [20]. Market Positioning - The report asserts that NVIDIA's high-performance computing capabilities, combined with its NVLink and CUDA ecosystem, position it favorably in the AI market [22]. - The anticipated growth in data center business is expected to further enhance NVIDIA's market leadership and valuation [22].