Nvidia(US:NVDA) 美股研究社·2025-02-26 11:52Core Viewpoint - Despite potential threats, Nvidia's position remains strong in the AI chip market, with significant demand for its products continuing from major tech companies [10]. Group 1: Financial Performance and Market Position - Nvidia is expected to report fourth-quarter revenue of $38.16 billion, with a gross margin exceeding 70%, indicating strong pricing power [2][3]. - The company's earnings per share (EPS) is projected at $0.85, with historical performance showing that Nvidia typically exceeds EPS expectations by 3-5% [4]. - The data center business accounts for over 75% of Nvidia's total sales, making it crucial for the company's growth trajectory [4]. Group 2: Competitive Landscape - The emergence of cost-effective AI training models, such as DeepSeek's R-1, raises concerns about pricing pressure on Nvidia's products [2][9]. - DeepSeek claims to have developed its AI model at a cost of only $5.6 million, which has sparked skepticism regarding the feasibility of such low-cost AI training [5][9]. - Despite the competitive threat posed by DeepSeek, leading tech companies continue to order Nvidia's H20 GPUs, indicating sustained demand [10]. Group 3: Future Outlook - The upcoming earnings report will be critical, particularly the forward guidance for Q1 2025, which will influence market sentiment [4]. - If Nvidia raises its guidance and continues to exceed expectations, the AI-driven growth momentum is likely to persist [4]. - The launch of the H200 GPU in 2025 is expected to further solidify Nvidia's leadership in AI acceleration [10].