Nvidia(US:NVDA)2025-06-04 01:50Investment Ratings - NVDA: Overweight, top pick [2][4] - MRVL: Equal-weight [5][6] - AMBA: Overweight [7] - AVGO: Overweight [14][30] Core Insights - NVDA is positioned for business acceleration despite market anxieties about deceleration, with strong performance in gross margins and revenues outside of China [2][3] - MRVL shows potential for recovery as sentiment improves, with expectations of $2 billion in revenue for the year, although optical performance was softer than anticipated [5][6] - AMBA's shift towards Edge AI is seen as a strategic move, but near-term prospects remain uncertain due to challenges in the automotive sector [7][12] - AVGO is expected to report strong earnings driven by ASIC revenue primarily from Google, with solid growth in networking as Ethernet adoption increases [14][15] Summary by Sections NVDA - NVDA is the largest semiconductor company globally and is expected to accelerate its business despite prevailing market concerns [2] - The company reported strong gross margins and revenues outside of China, indicating robust demand [3] - There are concerns about inventory build-up due to rack bottlenecks, but these are expected to resolve as demand strengthens [4] MRVL - MRVL's sentiment has improved, and the company is tracking towards approximately $2 billion in revenue for the year [5] - The impact of the China ban was more significant than previously anticipated, but this is not expected to hinder future performance [5][6] - The stock remains in the AI winner's category, suggesting potential for recovery [6] AMBA - AMBA's pivot towards Edge AI is considered a positive strategic decision, although the immediate outlook is unclear [7] - The company aims to leverage its technology in the automotive sector, but significant investments in new technologies may not yield immediate returns [12] - The focus on understanding new Edge AI opportunities is crucial for future growth [13] AVGO - AVGO is anticipated to report a good quarter, with custom ASIC revenue primarily driven by Google and moderate growth expectations from other customers [14][22] - The company is expected to see strong growth in AI revenue, with a projected $4.4 billion in AI revenue for the upcoming quarter [26] - AVGO's software revenue is also expected to grow significantly, with a forecast of 24% year-over-year growth in FY2025 [24]