花旗：NVIDIA-Computex第二天的收获

Investment Rating - The report indicates a modest sales beat expectation of approximately $500 million for NVIDIA's April quarter, with flat expectations for the July quarter at around $44 billion, compared to the Street's $46 billion [1] Core Insights - The CEO of NVIDIA, Jensen Huang, asserts that AI will become essential for every company, highlighting ChatGPT as a rapidly growing product that has transformed information retrieval [2] - Huang notes that AI diffusion was initially misunderstood, and recent changes in U.S. government attitudes towards AI restrictions have influenced NVIDIA's operations, particularly in the Middle East [3] - AI investments are projected to positively impact countries' GDP in the long term, especially in nations with excess energy that can export AI factories [4] - China is recognized as a significant but singular market for AI, with expectations that its AI market will reach $50 billion in a few years [5] - NVIDIA has been developing Physical AI for a decade, viewing it as a high-volume shipping opportunity, with the self-driving business currently valued at $5 billion [6] - NVLink Fusion technology is in demand from NVIDIA's customers, with the company advancing to NVLink Gen 5, which offers substantial improvements in bandwidth and latency [7][8] - NVIDIA emphasizes that its success will not compromise its partners and is actively diversifying its supply chain [9] - The company anticipates maintaining over 80% market share in the ASIC sector due to its rapid advancements [9]