英伟达Q4财报公布在即 奥本海默预计将超市场预期 重申其“跑赢大盘”评级

Core Viewpoint - Nvidia is expected to report better-than-expected results for its fourth fiscal quarter, with revenue upside potential estimated between $2 billion and $3 billion, driven by strong demand for its GB300 Ultra product line [1][3]. Group 1: Revenue Guidance and Market Trends - Oppenheimer analyst Rick Schafer indicates that Nvidia's revenue guidance for the fourth fiscal quarter and the first fiscal quarter of 2026 shows a typical upside potential of $2 billion to $3 billion, with current Wall Street revenue expectations at $65.6 billion and $71.6 billion respectively for these periods [3]. - Capital expenditures from cloud service providers continue to rise, with global cloud vendor capital expenditures expected to reach $650 billion in 2026, significantly higher than over $400 billion in 2025 [3]. - The demand for high-performance AI computing is further driven by the rapid growth of large language models (LLMs) at an annual rate of approximately 10 times, and the demand for inference tokens increasing over five times [3]. Group 2: Product Developments - Nvidia's NVL72 rack-level solution remains industry-leading in AI performance per unit power, while the next-generation Vera Rubin (VR200) platform is on track for production ramp-up in the third quarter of fiscal 2026, with the higher-end VR300 Ultra expected to launch in early fiscal 2027 [3]. - The average selling price of the Vera Rubin platform is projected to be 40% to 50% higher than that of the GB300, which is priced at approximately $3.5 million per unit, potentially generating around $8 billion in additional revenue for Nvidia [4]. Group 3: Market Potential - With the Chinese market being re-included in the serviceable range, the potential addressable market size could reach $50 billion, further enhancing Nvidia's total addressable market (TAM), currently estimated at around $4 trillion [4]. - Long-term, Nvidia is viewed as the most versatile AI platform and one of the most promising participants in the industry [4].