Nvidia(US:NVDA)2025-05-20 11:40Investment Rating - Investment Rating: BUY with a Price Objective (PO) of 160.00 USD, current Price at 135.40 USD [1][6] Core Insights - NVIDIA Corporation (NVDA) is expanding its portfolio with a broad set of AI products across various sectors, including cloud, enterprise, humanoid robots, and gaming, positioning itself in a "multi Trillion $ AI factory" industry [2][3] - The introduction of NVLink Fusion allows NVDA to extend its proprietary interconnect technology to third-party custom accelerators and CPUs, significantly expanding its Total Addressable Market (TAM) [2][3] - The GB200 systems are in full production, with management expressing high confidence in the rollout and strong demand, while preparing for the next-generation GB300 systems [4] - The launch of the Grace CPU C1 targets power-efficient edge, telco, and storage systems, competing against Intel and AMD's x86 products [3] Summary by Sections Portfolio Expansion - NVDA is diversifying its offerings with AI products across multiple sectors, indicating a strategic move to capture a larger market share [2][3] - The NVLink Fusion technology enhances collaboration with cloud service providers, integrating NVDA's GPUs with third-party ASICs and ARM-based CPUs [3] Production and Delivery Confidence - The GB200 systems are fully operational, with management indicating a strong demand and confidence in the production process despite challenges [4] - The upcoming GB300 systems are expected to deliver 1.5 times more inference capability due to enhanced memory and networking features [4] Market Dynamics - The enterprise server RTX Pro extends AI capabilities into the enterprise sector, increasing competition against legacy x86 systems [2] - The Sovereign AI buildout is anticipated to benefit from recent Middle-East deals, with significant advantages expected in the following years [2]