摩根士丹利科技对话：乔摩尔谈NVDA季度后表现,AVGO vs NVDA vs AMD偏好鉴于GOOGL热情,MU SNDK最新亚洲调查+EPS实力

Investment Rating - The report indicates a positive outlook for the memory sector, with strong demand and supply constraints leading to significant price increases, suggesting a favorable investment environment [3][6][9]. Core Insights - NVIDIA's inventory increase is strategic, aimed at expanding rack capacity, and customer inventory levels remain low, indicating no immediate concerns [1][4]. - The transition from Blackwell to Ruben products is anticipated to be successful, with strong demand expected for Vera Rubin in 2026 [1][5]. - Google's Gemini 3 performance is expected to boost TPU-related business, with moderate revenue growth projected for 2025 [1][5]. - The memory market is experiencing robust demand from cloud computing, AI, and traditional server DDR5 memory, with prices rising significantly due to supply shortages [6][7]. - Micron's long-term profitability outlook is optimistic, with projected earnings per share of approximately $30 in 2026, potentially reaching $40 if conditions improve [3][8]. - SanDisk's enterprise SSD business is benefiting from high demand, although there are concerns in the enterprise HDD segment [3][8]. Summary by Sections NVIDIA - NVIDIA's recent performance exceeded expectations, with a $3 billion revenue beat and a $10 billion increase in future guidance, reflecting strong growth momentum [2]. - Concerns regarding inventory and capital expenditure plans are deemed overblown, as the company maintains a solid long-term outlook [2][4]. Memory Market - The memory market is currently in a strong position, with demand outpacing supply, leading to significant price increases of 40%-70% for some products [6][7]. - The overall outlook for the memory industry is described as exceptionally strong, surpassing previous high points [9]. Micron and SanDisk - Micron is expected to maintain a strong performance, with a positive earnings forecast and advancements in high bandwidth memory [8]. - SanDisk is experiencing a surge in its SSD business due to supply shortages, with expectations of substantial revenue growth [8][10].