Core Insights - Nvidia has demonstrated significant sales growth, achieving $57 billion in sales, a 62% increase year-over-year, and a GAAP net income of $31.9 billion, up 21% sequentially and 65% year-over-year [1][3] - The company is recognized as a leading beneficiary of the AI boom, growing from a $360 billion company at the start of 2023 to the largest publicly traded company, briefly reaching a market cap of $5 trillion [3] - Nvidia's CUDA software platform is crucial for maximizing the performance of its GPUs, anchoring customers to its ecosystem [7][10] Sales and Financial Performance - Nvidia's fiscal third-quarter results highlighted its first-mover advantage in the AI market, with strong sales and profit figures [2] - The company has achieved a GAAP gross margin exceeding 70%, driven by high demand for its GPUs and a scarcity of AI-GPUs [6] Market Position and Future Prospects - The AI market is projected to be a $15.7 trillion opportunity by 2030, with Nvidia positioned as a leader in this space [4][5] - Despite current success, there are concerns about the sustainability of Nvidia's growth, particularly regarding the upgrade cycles of its hardware [8][11] Risks and Challenges - Nvidia's CFO indicated that older GPUs, such as the A100, remain relevant due to software improvements, which may reduce the incentive for clients to upgrade their hardware [9][11] - The price of previous-generation GPUs is declining, which could further delay upgrade cycles and impact Nvidia's future growth potential [12][13]

高盛周末宏观电话会议 20251124 摘要 美国失业率升至 4.4%，持续申领人数创新高，表明劳动力市场存在剩 余空间，美联储或因此在 12 月降息 25 个基点，但 FOMC 内部对此存 在分歧。 11 月就业报告是影响美联储决策的关键数据，但 12 月 10 日 FOMC 会 议前重要数据不多，CPI 可能推迟发布，美联储或采取温和立场。 美国经济数据显示就业市场恶化，失业率从年初 4%升至 4.4%，AI 裁 员预示劳动力市场疲软，美联储 12 月降息合理，2026 年底联邦基金利 率或接近 3%，甚至更低。 2026 年上半年美国将出台大量刺激政策，结合宽松金融条件和降息， 将影响收益率曲线，财政可持续性担忧缓解，对长端收益率曲线压制作 用减弱。 AI 相关债券发行增加，TMT 公司为 AI 开发大量发债，今年 TMT 公司发 行近 2000 亿企业债，其中 AI 相关债务达 1,000 亿，挑战现金市场吸收 风险能力，导致信用市场表现不佳。 Q&A 最近的就业数据和劳动力市场情况如何？ 接下来哪些重要的数据会影响美联储的决策？ 在 12 月 10 日 FOMC 会议之前，没有太多重要的新数据发布。 ...

19 November 2025 | 10:23PM EST Equity Research Nvidia Corp. (NVDA): Accelerating datacenter compute revenue should sustain upward trajectory for both estimates and the stock - Buy Key stock takeaways: We expect the stock to hold its gains (up 5% in the after market) following a stronger quarter with guidance that came in above Street expectations, against relatively balanced expectations heading into the quarter. Importantly, we believe management provided solid evidence that addressed several key investor ...

November 20, 2025 01:30 AM GMT | M November 20, 2025 01:30 AM GMT | | Update | | --- | --- | --- | | NVIDIA Corp. North America | Morgan Stanley & Co. LLC | | | | Joseph Moore | | | | Equity Analyst | | | Earnings First Take: Upside | Joseph.Moore@morganstanley.com Mason Wayne | +1 212 761-7516 | | continues to impress | Research Associate Mason.Wayne@morganstanley.com | +1 212 761-6012 | | | Ella Tulchinsky | | | | Research Associate | | | | Ella.Tulchinsky@morganstanley.com | +1 212 761-2222 | | Key Takea ...

NVIDIA (NasdaqGS:NVDA) Q3 2026 Earnings Call November 19, 2025 05:00 PM ET Speaker0Good afternoon. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to NVIDIA's third quarter earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star, followed by the number one on your telephone k ...

We're joining me now for a preview of Nvidia set to report its highly anticipated results after the close. We've got Melissa Otto, head of Visible Alpha Research at S&P Global Market Intelligence. Uh it's good to see you, Melissa.And I know you were back from recent travel. So, welcome back. I believe uh you were traveling recently.So, let's talk about the expectations, consensus expectations going into this uh street looking for a buck 24 per share for Nvidia. Revenue is expected to top 54.6% billion. What ...

Summary of NVIDIA Corp. Conference Call Company Overview - **Company**: NVIDIA Corp. (NVDA.O) - **Industry**: Semiconductors - **Market Cap**: $4,615.28 million - **Current Stock Price**: $186.86 (as of November 13, 2025) - **Price Target**: Increased from $210.00 to $220.00 [1][6][26] Key Points Market Performance and Expectations - The market has improved significantly over the last 45 days, leading to expectations of strong quarterly results as the Blackwell product line ramps up [1][3] - NVIDIA's stock has performed well but has lagged behind AI peers, which is anticipated to change [1][10] Demand and Supply Dynamics - Industry checks indicate a material acceleration in demand, with NVIDIA resolving previous supply chain issues [3][11] - Growth bottlenecks are now more related to complementary hardware (storage, memory, servers) rather than NVIDIA's production capabilities [3][18] - Positive demand signals from customers and suppliers suggest accelerating growth, contrary to consensus expectations that growth has peaked [11][14] Financial Projections - Revenue estimates for the upcoming quarters have been raised, with projections of $55.0 billion for October and $63.1 billion for January, marking the highest sequential revenue growth in the industry’s history [22][27] - FY27 estimates have been increased from $278.0 billion/$6.59 EPS to $298.5 billion/$7.11 EPS, reflecting strong demand and backlog [22][26] Competitive Landscape - NVIDIA's Blackwell remains the preferred AI chip, with strong demand signals noted [10][21] - Despite potential share loss to competitors like AMD, NVIDIA's product leadership is expected to remain solid [21][31] - The company is positioned to benefit from the growing AI market, with significant revenue potential from data centers and generative AI solutions [31][34] Risks and Constraints - While there are no immediate shipment constraints, potential risks include power availability and supply chain issues related to memory and optics [18][21] - The company is cautious about future forecasts, maintaining a conservative approach compared to peers [20][21] Investment Thesis - The stock is rated as Overweight, with a strong conviction in upward revisions to estimates due to NVIDIA's competitive position and growth potential in the AI sector [28][31] - The price target reflects a valuation that is a premium to the semiconductor group but a discount to large-cap AI peers, indicating confidence in NVIDIA's growth trajectory [26][34] Conclusion - NVIDIA is expected to continue its market leadership in the semiconductor industry, driven by strong demand for AI and data center solutions, with financial projections indicating robust growth in the coming years [31][34]

广发海外电子通信： 来源：市场资讯 （来源：君实财经） 英伟达业绩前瞻 预计1月季度营收645亿美元，或指引625亿美元：对于10月季度，我们现估计559亿美元，对比共识的 550亿美元，基于Blackwell140万部及少量Hopper。对于1月季度，我们预计将增至645亿美元（暗示指 引625亿美元），对比共识的617亿美元，因Blackwell持续上量，与我们先前对出货受限的观点不同。 我们还认为RTXPro及Hopper的轻微贡献将增添额外动能。 Rubin及VR200NVL144进展顺利：我们仍预计2025/2026年CoWoS产能分别为37.7万/63万片，包括 VeraCPU的5万，得益于Rubin按计划于2026年中封装出货，随后为ODM的VR200NVL144于7月开始组装 量产。客户角度来看，我们预计英伟达的强势主要由P、Neocloud及初创企业驱动，尽管其谷歌/AWS的 ASIC有上行潜力，但我们观察到ODM的VR200订单增加。 Networking上行潜力：根据财第二财季业绩会，其暗示Spectrum-XARR已达100亿美元。得益于英伟达 推出Spectrum-X及系统级集成，我 ...

Core Insights - The rapid growth of artificial intelligence (AI) has attracted significant investor interest, with companies like Palantir Technologies and Nvidia seeing substantial stock price increases [1][2] - Palantir's recent operating results revealed weaknesses that may also affect Nvidia when it reports its quarterly results [3][13] Palantir Technologies - Palantir's stock has surged due to its competitive advantages and consistent revenue and profit beats, with shares increasing by 2,870% since the end of 2022 [2][4] - The company's primary product, Gotham, is a cloud-based, AI-driven platform used by the U.S. military, contributing to predictable cash flow and double-digit sales growth [5][7] - Despite strong quarterly sales of $1.18 billion, Palantir's stock fell by nearly 8% after its earnings report, indicating that its high valuation was not justified by its performance [8][10] - Palantir's price-to-sales (P/S) ratio reached 152 before its earnings report, significantly higher than historical ceilings for tech stocks, suggesting an unsustainable valuation [11][12] Nvidia - Nvidia, a leader in AI hardware, has a dominant market share in GPUs for AI applications, with estimates suggesting over 90% deployment in AI-accelerated data centers [14][22] - The company is continuously innovating, with plans to launch new advanced GPUs annually, maintaining its competitive edge [15] - Nvidia's P/S ratio was 31 as of November 3, 2023, indicating a return to historically unsustainable levels, raising concerns about a potential bubble [19][24] - The company faces competitive pressures as some of its largest customers are developing their own AI-GPUs, which could impact Nvidia's pricing power and margins [23]

Core Viewpoint - Nvidia has become the first company in history to surpass a market valuation of $5 trillion, marking a significant milestone in the tech industry [2][4][11]. Group 1: Market Performance - On October 29, Nvidia's stock price rose by 5.44%, reaching an intraday high of $212.19 per share, and closing at $207.04 per share, resulting in a market capitalization of $5.03 trillion [3][11]. - Since the beginning of 2025, Nvidia's stock has surged by 56%, showcasing its rapid growth compared to other major tech companies [6][40]. - Nvidia's market value now exceeds the combined market capitalizations of major competitors such as AMD, Intel, and Qualcomm, as well as entire sectors within the S&P 500 [6][7]. Group 2: Growth Trajectory - Nvidia's market value has skyrocketed from $1 trillion to $5 trillion in just two and a half years, a feat unmatched by other tech giants [10][24]. - The company achieved its first $1 trillion valuation in May 2023, followed by reaching $3 trillion in June 2024, and then $4 trillion in just over a year [23][24]. - In contrast, Microsoft took nearly six years to grow from $1 trillion to $4 trillion, while Apple took over seven years for the same growth [17][20]. Group 3: Strategic Developments - The recent surge in Nvidia's market value is attributed to announcements made during the GTC developer conference, where CEO Jensen Huang unveiled several technological advancements and partnerships [26][40]. - Key highlights from the conference included plans to collaborate with the U.S. Department of Energy to build new supercomputers and the introduction of the Blackwell chip series, which is expected to significantly increase production [27][28]. - Nvidia's new open system architecture, Nvidia NVQLink, aims to accelerate the development of quantum supercomputers, further positioning the company at the forefront of technological innovation [29][32]. Group 4: Future Outlook - Nvidia anticipates that the cumulative revenue from its upcoming products, including the Blackwell and Rubin chip platforms, could reach $500 billion by the end of next year [32][34]. - The company is also set to invest up to $100 billion in building AI data centers in collaboration with OpenAI, indicating a strong commitment to expanding its AI infrastructure [40][41]. - Nvidia's growth is closely tied to the increasing demand for computational power driven by AI advancements, with its GPUs being integral to the infrastructure of leading AI companies [40].