Nvidia(US:NVDA) 美股研究社·2025-08-28 12:07Core Viewpoint - Nvidia's stock price has seen a significant increase since July, rising from approximately $4.2 trillion in market capitalization to around $4.35 trillion following the Q2 fiscal report for 2026, indicating strong market confidence despite slight growth deceleration [1][2]. Financial Performance - The company's Q2 revenue guidance was set at a midpoint of $45 billion, slightly below market expectations of $46.13 billion, yet actual revenue reached $46.7 billion, exceeding expectations by $600 million. Earnings per share also surpassed forecasts, reaching $1.05, exceeding expectations by $0.04 [2]. - Although growth has slowed, the quarter still showed a 6% quarter-over-quarter increase and over 50% year-over-year growth, reflecting a robust performance [2][4]. - The data center revenue growth rate has decreased to 5% quarter-over-quarter, which is a point of concern [3]. Revenue Breakdown - The revenue from the data center segment was $10.32 billion, with a quarter-over-quarter growth of 41% [3]. - Gaming revenue was reported at $2.49 billion, with a quarter-over-quarter growth of 15% [3]. - The company maintained a healthy gross margin above 70%, with operating profit and net profit increasing by 53% and 59% year-over-year, respectively [4]. Market Sentiment - Following the earnings report, Nvidia's stock price fell approximately 3%, attributed to market pessimism regarding the data center segment's performance and overall growth deceleration, alongside uncertainties in the Chinese market [4][5]. - Despite the market's negative sentiment, the company's performance demonstrates its strength and future potential, with management effectively navigating a high-quality market [5]. Future Outlook - The data center GPU market is projected to grow at a compound annual growth rate (CAGR) of 35% from 2025 to 2033, positioning Nvidia as a key beneficiary of this trend [6]. - Analysts suggest that while Nvidia's valuation is high, the company's strong market position and product pipeline, including the promising Blackwell architecture, support its growth potential [10]. - The company has diversified its revenue geographically, expanding into markets like China and the UAE, which may help mitigate cyclical uncertainties [10]. Valuation Considerations - Current market expectations for Nvidia's valuation may be overly optimistic, especially if major tech companies reduce capital expenditures, which could impact Nvidia's revenue growth [8][9]. - Analysts project a price-to-earnings ratio between 27 and 30 for the coming years, indicating a reasonable valuation under conservative assumptions [8].