Nvidia(US:NVDA) 美股研究社·2025-11-20 12:12Core Viewpoint - The analysis indicates that Nvidia's (NVDA) valuation is not at a bubble level, as the market has already reflected its strong execution and some growth expectations for the coming years [1][10]. Financial Performance - Nvidia's guidance for Q3 revenue was $54 billion, indicating a quarter-over-quarter growth of 15.5% and a year-over-year growth of 54%. The actual revenue reported was $57 billion, showing a quarter-over-quarter growth of 22% and a year-over-year growth of 62% [6]. - The earnings per share (EPS) expectation was $1.26, while the actual reported EPS was $1.30, exceeding expectations by approximately 3% [7]. - The data center business showed a quarter-over-quarter growth of 25%, with a year-over-year growth of 65%, which was significantly above market expectations [7][9]. Growth Drivers - The strong revenue performance is attributed to three major platform transformations driving data center growth: accelerated computing, powerful AI models, and intelligent applications [9]. - Nvidia's new Blackwell architecture has become mainstream among its customer base, with record sales reported [9]. Valuation and Future Outlook - Nvidia's current forward P/E ratio is approximately 30, with a projected year-over-year growth of 65% for Q4 [10]. - Market expectations for fiscal year 2027 indicate a year-over-year growth of 40%, and for fiscal year 2028, a growth of 25% [11]. - Analysts project a P/E ratio of 26 for 2028, even considering potential downturns, indicating a reasonable profit yield [12]. Long-term Growth Potential - The company is expected to maintain long-term compound growth, even with potential cyclical downturns, due to its strong execution and importance in the AI industry [14].