Investment Rating - The report indicates a cautious outlook for Nvidia, suggesting a potential slowdown in growth, but analysts believe this may be a conservative approach by the company [2]. Core Insights - Nvidia's new Blackwell product line is expected to maintain the company's AI-driven growth momentum despite higher-than-expected production costs [1][2]. - The company reported a significant revenue increase of 94% year-over-year, reaching 30.8 billion [4]. - Nvidia's gross margin is projected to decrease from 75% to 73% due to the transition to the new Blackwell products, but it is expected to rebound as production scales up [3]. Summary by Sections Financial Performance - Nvidia's revenue for the third quarter reached 33.25 billion, with earnings per share of $0.81 [4]. - The data center segment's revenue accounted for 50% of total revenue, heavily reliant on a small number of cloud service providers [4][5]. Product Development - The Blackwell series has fully entered production, with strong market demand anticipated, although supply constraints are expected to persist in the coming quarters [2][3]. - The transition to Blackwell is expected to impact profitability in the short term, but long-term benefits are anticipated as production efficiencies improve [3]. Market Position - Nvidia's components are integral to AI model training and inference, positioning the company as a leader in the AI infrastructure market [5]. - The company is actively expanding its product line to include networking, software, and complete computing systems, aiming for broader adoption of its technology [5].
彭博：Nvidia 表示新芯片的预期令人失望，但仍在按计划推进
彭博行业研究·2024-11-21 03:12