Core Insights - The YUE program emphasizes the concept of "Founders Help Founders," fostering a supportive community for entrepreneurs [1] - The 06th cohort has received over 1300 registrations, with more than 600 applications submitted [1] Course Structure - The 06th cohort will focus on "Agentic AI," exploring its transformative impact across various industries [3] - The curriculum includes modules on idea generation, recruitment, product development, commercialization, financing, corporate governance, and growth strategies [4][5] - Each module is designed to provide practical insights and frameworks for early-stage entrepreneurs [4][5] Entrepreneurial Community - Participants will have opportunities to engage with successful entrepreneurs and industry leaders, creating a valuable network for support and advice [7] - The program aims to build a community where entrepreneurs can share experiences and learn from each other [2][7] Application Process - The application timeline includes a concentrated registration period from February 24 to March 17, followed by interviews and due diligence [9][10] - There are no limits on the number of applications; entrepreneurs can reapply if not accepted in previous cohorts [10] Investment Opportunities - Selected participants may receive an investment of 7 million RMB or equivalent in USD from Sequoia's seed fund [7] - The program provides a structured methodology for early-stage founders, covering essential aspects of entrepreneurship [7]

Transcripts NVIDIA Corporation (NVDA) Morgan Stanley Technology, Media & Telecom Conference (Transcript) NVIDIA 公司（NVDA）摩根士丹利科技、媒体与电信会议（文字 记录） Mar. 05, 2025 6:26 PM ET | NVIDIA Corporation (NVDA) Stock, NVDA:CA Stock | NVDA, NVDA:CA Q4: 2025-02-26 Earnings Summary EPS of $0.89 beats by $0.04 | Revenue of $39.33B (77.94% Y/Y) beats by $1.19B Play Call Transcript PR 10-K NVIDIA Corporation (NASDAQ:NVDA) Morgan Stanley Technology, Media & Telecom Conference March 5, 2025 3:20 PM ET 更多一手调研纪要和研报数据加V：shuinu9870 更 ...

Financial Data and Key Metrics Changes - Q4 revenue reached $39.3 billion, up 12% sequentially and 78% year on year, exceeding the outlook of $37.5 billion [8] - Fiscal 2025 revenue totaled $130.5 billion, an increase of 114% compared to the previous year [9] - GAAP gross margins were 73%, with non-GAAP gross margins at 73.5%, down sequentially as expected due to the initial deliveries of the Blackwell architecture [38] Business Line Data and Key Metrics Changes - Data center revenue for fiscal 2025 was $115.2 billion, more than doubling from the prior year, with Q4 data center revenue at a record $35.6 billion, up 16% sequentially and 93% year on year [9][10] - Consumer Internet revenue grew 3x year on year, driven by generative AI and deep learning use cases [20] - Automotive revenue reached a record $570 million, up 27% sequentially and 103% year on year, with expectations to grow to approximately $5 billion in the fiscal year [25][36] Market Data and Key Metrics Changes - Sequential growth in data center revenue was strongest in the US, driven by the initial ramp of Blackwell [27] - Data center sales in China remained well below previous levels due to export controls, with expectations to maintain current percentages [28][96] - Networking revenue declined 3% sequentially, but the transition to larger NVLink systems is expected to drive future growth [28][29] Company Strategy and Development Direction - The company is focused on expediting the manufacturing of Blackwell systems to meet strong demand, with expectations for gross margins to improve to the mid-seventies later in the year [39][66] - Blackwell architecture is designed to support the entire AI market, addressing pretraining, post-training, and inference needs [17][137] - The company is optimistic about the future of AI, emphasizing the transition from traditional computing to AI-driven architectures [101][102] Management's Comments on Operating Environment and Future Outlook - Management highlighted the extraordinary demand for Blackwell and the evolution of AI from perception to reasoning, indicating a significant increase in compute requirements for reasoning models [134] - The company sees strong near-term, mid-term, and long-term signals for growth, driven by capital investments in data centers and the increasing integration of AI across various industries [70][72] - Management expressed confidence in the sustainability of strong demand, supported by ongoing innovations and the vibrant startup ecosystem in AI [68][70] Other Important Information - The company returned $8.1 billion to shareholders in Q4 through share repurchases and cash dividends [40] - Upcoming events include participation in the TD Cowen Healthcare Conference and the Morgan Stanley Technology, Media, and Telecom Conference [44] Q&A Session Summary Question: What does the increasing blurring between training and inference mean for NVIDIA's future? - Management discussed the scaling laws in AI, emphasizing the growing compute needs for post-training and reasoning models, indicating a shift in architecture design to accommodate these demands [50][56] Question: Where is NVIDIA in terms of ramping up the Blackwell systems? - Management confirmed successful ramping of Blackwell systems, with significant revenue generated and ongoing efforts to meet high customer demand [60][62] Question: Can you confirm if Q1 is the bottom for gross margins? - Management indicated that gross margins will be in the low seventies during the Blackwell ramp, with expectations to improve to the mid-seventies later in the year [65][66] Question: How do you see the balance between custom ASICs and merchant GPUs? - Management highlighted the general-purpose nature of NVIDIA's architecture, which supports a wide range of AI models and applications, making it more versatile than custom ASICs [84][86] Question: How does the company view the growth of enterprise consumption compared to hyperscalers? - Management expressed confidence that enterprise consumption will grow significantly, driven by the need for AI in various industrial applications [111][112]

Core Viewpoint - Nvidia's fourth-quarter results were overwhelmingly positive, yet the stock price declined the following day, which may not be a cause for concern as the company's future growth prospects remain strong [1] Group 1: Growth Drivers - **Agentic AI**: Nvidia is entering the agentic AI era, characterized by autonomous AI agents capable of decision-making without human intervention. Major tech companies are investing in this area, with Nvidia already seeing significant revenue growth from it [2][3][4] - **Physical AI**: This involves integrating AI technology into physical systems, such as robots and self-driving cars. Nvidia is a key player in this market, with its infrastructure being utilized by nearly all autonomous vehicle companies [5][6][7] - **Sovereign AI**: Refers to nations developing AI systems using their own data and technology. Nvidia is involved in several sovereign AI initiatives globally, positioning itself at the forefront of this emerging field [8][9] Group 2: Market Position - Nvidia's leadership in the GPU market provides a significant opportunity as many startups in physical AI require substantial computing infrastructure [7] - The company is well-positioned to capitalize on the early stages of agentic AI, physical AI, and sovereign AI, making it a compelling investment choice [10]