摩根士丹利：英伟达财报最新点评，目标价170$

Investment Rating - The report maintains an "Overweight" rating for NVIDIA Corp. and identifies it as a "Top Pick" in the semiconductor sector with a price target raised to $170.00 from $160.00 [2][8][22]. Core Insights - NVIDIA is demonstrating strong business acceleration outside of China, alleviating previous concerns about supply chain issues. The company is expected to continue improving its performance, with durable growth drivers in place [2][5][11]. - The report highlights a significant increase in demand for inference-related applications and investments in training models for robotics, indicating a robust market environment for NVIDIA's products [4][11]. - The financial results for the quarter exceeded expectations, with total revenue of $44.062 billion, representing a 12.0% quarter-over-quarter increase and a 69.2% year-over-year increase [18][43]. Summary by Sections Financial Performance - NVIDIA's revenue for the quarter was $44.062 billion, surpassing both street expectations and internal estimates. Data Center revenue was particularly strong at $39.112 billion, up 9.9% quarter-over-quarter and 73.3% year-over-year [18][43]. - The company reported a gross margin of 60.5%, which was below expectations but improved when excluding the impact of H20 inventory charges [18][19]. - Non-GAAP EPS was reported at $0.81, slightly below street expectations but above internal estimates [18][43]. Growth Drivers - The report emphasizes that NVIDIA's Data Center business is expected to drive significant growth over the next five years, fueled by increasing demand for AI and machine learning hardware solutions [31][41]. - The anticipated broader availability of the Blackwell architecture later in 2025 is expected to further strengthen NVIDIA's competitive position [31]. Market Outlook - The report indicates that NVIDIA's supply chain issues are resolving, with increasing orders from multiple customers. The company is expected to benefit from a strong demand environment, particularly in the AI and data center segments [16][21]. - The guidance for future revenue growth remains optimistic, with expectations of continued upward revisions to estimates based on strong demand and supply constraints [20][21].