Nvidia(US:NVDA) Haitong Securities International·2025-09-25 08:12Investment Overview - NVIDIA plans to invest up to $100 billion in OpenAI, expecting to generate $35 billion in annual revenue from this partnership[3] - Each 1 Gigawatt (GW) of data center (DC) deployment corresponds to approximately $50 billion investment and is projected to yield around $35 billion in NVIDIA content[3] Financial Projections - Revenue for CY26 has been revised up by 12% to $324 billion, reflecting the anticipated revenue from the OpenAI partnership[3] - Estimated earnings per share (EPS) for CY25 and CY26 are projected to be $4.9 and $7.5 respectively, leading to a target price of $225 based on a 30x price-to-earnings (PE) ratio for 2026[3] Revenue and Profit Growth - FY24A revenue is reported at $130.5 billion, with a year-over-year (YoY) growth of 114%[4] - FY25A revenue is projected at $217.2 billion, with a YoY growth of 66%[4] - FY26E revenue is expected to reach $324.1 billion, reflecting a 49% YoY growth[4] Profitability Metrics - Net income for FY24A is $74.2 billion, with a YoY growth of 130%[4] - FY25A net income is estimated at $120.2 billion, with a YoY growth of 62%[4] - FY26E net income is projected to be $183.1 billion, corresponding to a 52% YoY growth[4] Risk Factors - Potential risks include lower-than-expected AI demand, supply chain disruptions, and geopolitical uncertainties[4]