The question is, what happens next. Let's ask Stacy Rascan with Bernstein his first reaction here to that earnings. Prince, good to see you and I appreciate you doing this on our program.You You bet. You bet. Yeah, the stock's off.You raise a target, so you must be happy, right. You raised a price target. Yeah.Yeah, we we took our target up. We took our estimates up. We rolled our valuation horizon forward a little bit.I I I think it's fine. Um the the quarter was was fine. you may have like missed like sor ...

Key Takeaways NVIDIA is expected to benefit from generative AI demand across industries in Q2.Datacenter momentum remains the key driver, with projected Q2 revenue growth of 53% year over year.Q2 revenue guidance is $45B (+/-2%) versus consensus at $46.14B, up sharply from last year.NVIDIA Corporation (NVDA) is set to report its second-quarter fiscal 2026 earnings on Aug. 27, and expectations are high.NVIDIA has become the face of the artificial intelligence (AI) revolution, with its chips powering everythi ...

随着英伟达新一季度财报发布临近，市场目光再度聚焦这家AI芯片巨头的业绩表现。 据追风交易台，英伟达将于美东时间8月27日美股盘后公布2026财年二季度业绩，随后于下午5点召开业绩电话会。大摩最 新研报上调了英伟达二季度收入预期，从先前的452亿美元调整至466亿美元，超过华尔街共识预期。这一调整源于对供需 两端改善的判断——需求在季度内持续提升，而Blackwell芯片供应瓶颈的缓解为收入增长提供了支撑。 | Figures in $ MMs | | | NVDA: MS vs. Consensus | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | F2Q26E | | F3Q26E | | 2026E | | 2027E | | | | MS | Cons. | MS | Cons. | MS | Cons. | MS | Cons. | | Revenue | 46.671 | 45.629 | 52,567 | 51.773 | 203,368 | 201.443 | 273.228 | 251,857 | | ...

Core Viewpoint - Nvidia aims to enhance its chip sales in China by introducing more advanced chips than the current H20 model, which is designed to comply with U.S. export restrictions [1][2]. Group 1: Sales Strategy - Nvidia plans to resume sales of its H20 artificial intelligence chip to China, reversing a previous ban [1]. - The H20 chip is a less-advanced semiconductor tailored for AI workloads that adhere to U.S. export regulations [1]. Group 2: Technology Advancement - CEO Jensen Huang expressed the intention to provide more advanced chips to China over time, emphasizing the continuous improvement of technology [2][3]. - Huang referenced the Hopper chip architecture, indicating that future technologies will be better and more capable [3]. Group 3: Market Challenges - Nvidia has faced significant challenges due to U.S.-China trade tensions, leading to restrictions on its most advanced chips [4]. - The company incurred a $4.5 billion writedown on unsold H20 inventory in May and estimated that sales in the last financial quarter would have been $2.5 billion higher without export restrictions [4]. Group 4: Political Landscape - Huang has navigated a complex political landscape, balancing support for U.S. policies on reshoring chip manufacturing while advocating for changes to restrictions on China [5].

Core Viewpoint - Citi is becoming more optimistic about the semiconductor sector, raising price targets for Nvidia and AMD as the AI race accelerates [1][6] Nvidia - Nvidia's price target has been increased to $190 from $180, with a Buy rating reiterated by Citi [1] - The total addressable market (TAM) for AI data center semiconductors is now expected to reach $563 billion by 2028, up from a previous estimate of $500 billion [2] - The growth is attributed to stronger-than-expected sovereign investment in AI infrastructure and increasing demand in networking [2] - Networking TAM forecast has been revised to $119 billion from $90 billion, now accounting for 21% of the broader AI data center opportunity in 2028 [3] - Nvidia's networking revenue forecast has been raised by 12% for FY27 and by 27% for FY28, with networking expected to represent around one-fifth of total data center revenue [3] - The rollout of Nvidia's Blackwell platform is on track, with rapid deployments and concerns about chip supply being potentially overstated [4] AMD - AMD's price target has been increased to $145 from $120, while maintaining a Neutral rating [5] - The adjustment is part of the Q2 semiconductor earnings preview, indicating signs of a sector rebound driven by stronger-than-expected demand and ongoing inventory restocking [5] - AMD's raised target suggests potential for upside if the industry's recovery continues [6]

Core Insights - Nvidia is the leading supplier of data center chips for AI workloads, with major customers including Amazon, Microsoft, Alphabet, Meta Platforms, and Oracle [1][5][8] - The demand for AI infrastructure is driving significant capital expenditures from top AI companies, with Amazon planning to spend up to $105 billion by 2025, Microsoft over $80 billion, Alphabet $75 billion, and Meta increasing its forecast to $72 billion [6][7] - Nvidia's GPUs are central to AI data center spending, but other costs such as land, construction, and power infrastructure also contribute to overall expenses [8] Group 1: AI Workloads and Infrastructure - AI workloads consist of training and inference, requiring extensive data centers filled with GPUs, which are costly to build [4] - Companies like Amazon and Microsoft are not only developing their own AI models but also renting out computing power to smaller developers, creating a lucrative business model [5] Group 2: Financial Commitments - Amazon's capital expenditures for AI data centers are projected to reach $105 billion by 2025, while Microsoft is on track to exceed $80 billion [6] - Alphabet forecasts $75 billion in AI capex for 2025, and Meta has raised its spending forecast from $65 billion to $72 billion [6][7] Group 3: Nvidia's Competitive Position - Nvidia's Hopper GPU architecture underpins the most powerful AI chips, with new architectures like Blackwell and Blackwell Ultra offering significant performance improvements [10][12] - The demand for more computing power is expected to drive AI data center spending to over $1 trillion by 2028, supporting Nvidia's growth [12]

Core Viewpoint - Nvidia's stock has experienced a decline in momentum after a significant 1,400% increase over the past five years, attributed to concerns over AI model requirements and regulatory challenges in China [1][2] Financial Performance - For the fiscal 2026 first quarter, Nvidia reported a 69% year-over-year revenue increase, with non-GAAP earnings per share rising from $0.61 to $0.81, despite a $0.15 loss per share due to unfulfilled orders to China [4] - The company maintains a robust 52% net profit margin, indicating strong profitability [4] Market Position - Nvidia holds a dominant position in the AI chip market, with estimates suggesting it controls up to 95% of the market share [5] - The data center segment, which is Nvidia's highest-growth business, saw a 73% year-over-year increase in the first quarter [5] Industry Relationships - Major companies like Amazon continue to rely on Nvidia's high-quality products, even as they explore developing their own chips for budget options [6] Technological Advancements - Nvidia has recently upgraded its AI technology from Hopper to Blackwell and is set to release Blackwell Ultra and the next generation of chips, Rubin, next year [9] - The demand for AI computing is expected to surge, with Nvidia positioned as a key player in this transformation [10] Growth Outlook - While Nvidia is expected to continue growing, the company anticipates a deceleration in growth rates due to its larger size, making it challenging to replicate past stock gains [11] - The stock is currently trading at a forward P/E ratio of 25, suggesting it is reasonably priced from an earnings perspective [12] Investment Potential - Despite the challenges, Nvidia presents significant opportunities for investors, making it a strong candidate for inclusion in an AI-focused portfolio [13]

Core Viewpoint - Current high-performing AI stocks may underperform in the next year according to select analysts [1][2] Group 1: Palantir Technologies - Palantir Technologies has seen a significant increase of over 2,000% since the beginning of 2023, attributed to its unique software platforms [4] - Analyst Rishi Jaluria from RBC Capital Markets predicts a 71% decline in Palantir's stock price, targeting $40 from a closing price of $137.30 on June 20 [5] - The company's price-to-sales (P/S) ratio stands at 110, which is significantly higher than the historical bubble-bursting range of 30 to 40 [6] - Palantir's stock is vulnerable to a potential AI bubble burst, despite its long-term contracts with the U.S. government [7] - The Gotham platform's growth is limited by the small number of federal governments that can utilize it, raising concerns about its high valuation [8] Group 2: Upstart Holdings - Upstart Holdings, an AI-driven lending platform, is expected to see a 72% decline in stock price, with a target of $16.50 from its current price [10][11] - The company has rallied 165% over the past year, but its ability to withstand economic downturns remains unproven [12] - Upstart's model is sensitive to Federal Reserve monetary policy changes, which can impact loan demand [13] - The stock is valued at 39 times forecast earnings per share (EPS) for the current year, raising concerns about its high valuation given the cyclical nature of financial stocks [14] Group 3: CoreWeave - CoreWeave, an AI data-center infrastructure company, is projected to decline by 80%, with a target price of $36 [15][16] - The rapid depreciation of assets due to advancements in AI technology poses a risk to CoreWeave's valuation [17] - Concerns about the company's financing structure suggest that debtholders may have more control than shareholders [18] - Despite anticipated sales growth of 131% next year, CoreWeave's valuation at close to 8 times sales is considered excessive for an unproven business model [19]

Core Insights - Nvidia Corp's first-quarter revenue exceeded consensus expectations, with total revenues growing by +12% quarter-over-quarter (Q/Q) and +69% year-over-year (Y/Y), reaching $44.1 billion compared to the consensus of $43.3 billion and guidance of $42.1 billion to $43.9 billion [1] Revenue Breakdown - Datacenter revenue is projected at $39.1 billion, reflecting a +10% Q/Q and +73% Y/Y increase, which includes Compute revenue of $34.2 billion (+5% Q/Q and +76% Y/Y) and Networking revenue of $5.0 billion (+64% Q/Q and +56% Y/Y) [2] - The growth in Data Center Compute revenues was primarily driven by the Blackwell architecture, which accounted for 70% of Compute revenues, translating to approximately $24 billion in the fiscal first quarter of 2026, compared to $11 billion in the fiscal fourth quarter of 2025 [3] Future Outlook - Nvidia forecasts total revenue for the fiscal second quarter of 2026 to be between $44.1 billion and $45.9 billion, indicating a +2% Q/Q and +50% Y/Y growth at the midpoint, despite facing an $8 billion headwind from H20 export restrictions [5] - The company noted that Data Center trends remain strong, particularly with the accelerating deployment of Blackwell, which is described as the fastest ramp in the company's history [6] Market Implications - The positive trends in Compute, especially with the increasing supply of Blackwell-based products, suggest favorable conditions for Server OEMs like Dell Technologies and Hewlett Packard Enterprise, which have reported guidance for AI server revenues in the upcoming quarter [7]

NVIDIA Corporation (NVDA) is set to report its first-quarter fiscal 2026 earnings on May 28, and expectations are high. The company is a leader in artificial intelligence (AI) computing, and its technology plays a key role in powering AI applications across different industries. With strong demand for AI infrastructure, growing use by businesses and increasing investment in generative AI, NVIDIA is likely to post another strong quarter.Click here to know how NVDA’s overall fiscal first-quarter results are l ...