Investment Rating - The report maintains a "Buy" rating for Nvidia Corp. (NVDA) with a 12-month price target of $185, indicating an upside potential of 8.4% from the current price of $170.70 [10]. Core Insights - Nvidia has received assurances from the U.S. government to provide the necessary licenses to sell its Hopper (H20) GPUs in China, reversing a previous export ban. This development is viewed positively, although there are concerns about the potential for future reversals and the stock's recent price run-up suggesting that this outcome may already be partially priced in [1][2]. - The expected reversal of the ban could add significant revenue and earnings per share (EPS) upside in the Bull scenarios for CY2026, with estimates suggesting an increase of $12 billion to $17.5 billion in revenue and $0.30 to $0.45 in non-GAAP EPS [6][9]. Summary by Sections Company Overview - Nvidia announced a $4.5 billion charge related to H20 inventory write-downs and purchase obligations due to the previous export ban, which also impacted revenue by $2.5 billion in FY1Q'26 [2]. Market Dynamics - The demand signals from China are still being evaluated, as potential customers are considering local alternatives. The company is in discussions with the U.S. government regarding potential customers in China [5]. Financial Projections - The report outlines potential upside scenarios for non-GAAP EPS in CY2026, estimating $0.30 in the Bull 1 scenario and $0.45 in the Bull 2 scenario, reflecting the anticipated revenue contributions from the reversal of the export ban [6][9]. Valuation Metrics - The report projects Nvidia's revenue to grow significantly, with estimates of $130.5 billion in revenue for FY2026, increasing to $295.5 billion by FY2028 [10].