GTC短期刺激不足，但我们看到长期更大空间

Investment Rating - The report maintains a "Buy" rating for NVIDIA with a target price of USD 146, adjusted down from USD 168 [2][12]. Core Insights - The report indicates a lack of short-term catalysts for NVIDIA, but highlights significant long-term upside potential [9]. - NVIDIA's stock price is currently viewed as attractive despite a recent decline following the GTC conference, as new products and partnerships are expected to have limited immediate impact [11][12]. - The company is evolving from merely selling hardware to becoming an operating system platform company, integrating data and business with its customers [13]. Summary by Sections Event Highlights - The NVIDIA GPU Technology Conference (GTC) featured a keynote by Jensen Huang, focusing on the AI development roadmap and the transition from generative AI to agent AI and eventually to physical AI [15]. Chip Developments - NVIDIA revealed significant chip-related progress, including the purchase of 3.6 million Blackwell chips by the top four supercomputer operators, and the full-scale production of the Grace Blackwell solution [16]. - Upcoming products include the Blackwell Ultra NVL72 platform expected in the second half of the year, and future AI chips planned for 2026 and 2027 [16][19]. Partnerships and Applications - NVIDIA announced collaborations with telecommunications companies for 6G technology and with General Motors for AI-powered self-driving cars, emphasizing safety with the Halos automotive safety solution [18][21]. - The introduction of the open-source humanoid robot functional model GR00TN1 and partnerships with DeepMind and Disney for the Newton robot platform indicate a strategic expansion into robotics [20][21]. Performance and Market Position - The report notes that NVIDIA's P/E ratios are 23 times for CY25/FY26 and 17 times for CY26/FY27, positioning it favorably compared to other major tech companies [14]. - The continuous innovation in chip performance and product planning is expected to exceed market expectations, showcasing NVIDIA's strong technical capabilities [19].