Nvidia(US:NVDA) 美股IPO·2025-08-28 01:45Core Viewpoint - Goldman Sachs believes that the market has largely priced in the growth potential of NVIDIA's new Blackwell architecture chips, and while Q2 performance and guidance are solid and generally meet expectations, they may still fall short of the heightened market anticipation, potentially leading to downward pressure on the stock in the short term [1][6]. Group 1: Financial Performance - NVIDIA's Q2 revenue reached $46.7 billion, marking the lowest year-over-year growth rate in over two years, yet it still exceeded analyst expectations. The guidance for Q3 revenue is projected at a midpoint of $54 billion, aligning closely with market expectations but perceived as "lukewarm" and lacking excitement [3][4]. - Following the earnings report, NVIDIA's stock fell over 3% in after-hours trading [4]. Group 2: Key Factors Influencing Future Performance - Goldman Sachs identifies four critical factors that will determine NVIDIA's future trajectory: customer demand and supply chain issues, long-term revenue visibility and new product launches, the status of the China business, and trends in gross margins [7][8]. - Investor focus is on the sustainability of demand for AI chips and any potential supply chain constraints [9]. - There is also interest in the company's revenue visibility for 2026 and details regarding the next-generation Rubin product line [9]. - Additional details regarding NVIDIA's China business are crucial, especially after management confirmed that no H20 chips were shipped to China this quarter [10]. - Investors will closely monitor future gross margin trends to assess the company's pricing power and profit outlook amid intense competition [11]. Group 3: Investment Rating and Target Price - Despite potential short-term stock pressure, Goldman Sachs maintains a "Buy" rating on NVIDIA, setting a 12-month target price of $200, based on an estimated normalized EPS of $5.75 and a P/E ratio of 35 [12].