Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4]. Core Insights - The company is expected to benefit as a leading AI chip manufacturer due to rapid hardware iteration and a rich software ecosystem, which enhances its competitive edge against rivals [4]. - The demand for AI computing power is anticipated to remain strong, driven by the complexity of models in the inference stage, which require significantly more computing resources compared to earlier generative AI models [2][4]. Summary by Sections Performance Review - The company held the GTC 2025 event on March 18, 2025, showcasing future product launches including GB300 (GB Ultra), Vera Rubin, Rubin Ultra GPUs, and CPO switches for Infiniband and Ethernet [1]. Operational Analysis - The transition from simple generative AI to assistant AI is expected to sustain demand for computing power, with inference requiring 100 times more tokens than before. The company anticipates strong customer demand, with major cloud providers expected to purchase 3.6 million Blackwell GPU dies in 2024 [2]. - Upcoming product releases include GB300 NVL72 in H2 2025, which will feature 288GB HBM3e memory and 1.5 times the computing power of GB200 NVL72. Vera Rubin NVL144 is expected in H2 2026, offering 3.3 times the computing power of GB300 NVL72, and Rubin Ultra NVL576 is projected for H2 2027, with 14 times the computing power of GB300 NVL72 [2]. Software Ecosystem - The company continues to enhance its software ecosystem, launching libraries tailored for various industries, such as cuLitho for lithography and CUDA-Q for quantum computing. Additionally, the introduction of the Dynamo system aims to improve GPU efficiency by assisting with prefill and decode tasks [3]. Profit Forecast and Valuation - The company forecasts net profits of $122.2 billion, $156.9 billion, and $177.9 billion for FY26, FY27, and FY28, respectively, with corresponding P/E ratios of 23, 18, and 16 [4][6].