Investment Rating - The report maintains a "Buy" rating for NVIDIA, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6][15]. Core Insights - NVIDIA's FY25Q4 performance exceeded market expectations with revenue of $39.33 billion, a year-over-year increase of 78% and a quarter-over-quarter increase of 12% [1][2]. - The data center business is a significant growth driver, with FY25 revenue reaching $115.2 billion, up 142% year-over-year, and accounting for 90.6% of total revenue in Q4 [2][4]. - The demand for AI large model inference is accelerating, with the upcoming Blackwell Ultra expected to launch in the second half of 2025 [3][4]. Summary by Sections Financial Performance - FY25Q4 revenue was $39.33 billion, surpassing Bloomberg's consensus estimate of $38.25 billion, with a Non-GAAP gross margin of 73.5% [1]. - For FY25, total revenue reached $130.5 billion, a 114% increase year-over-year, exceeding the consensus estimate of $129.6 billion [1][5]. - Non-GAAP net profit for FY25 was $74.26 billion, a 130% increase year-over-year, with an EPS of $2.99, also above expectations [1][5]. Business Segments - Data Center: FY25 revenue was $115.2 billion, with Q4 revenue of $35.6 billion, reflecting a 93% year-over-year increase [2]. - Gaming: FY25 revenue was $11.4 billion, with Q4 revenue of $2.5 billion, showing a decline due to supply chain constraints [2]. - Automotive: FY25 revenue reached $1.7 billion, with Q4 revenue of $600 million, marking a 103% year-over-year increase [2]. Future Guidance - For FY26Q1, NVIDIA expects revenue of $43 billion, a 65% year-over-year increase, and a Non-GAAP gross margin of 71% [1][4]. - The company anticipates continued strong demand for the Blackwell platform and AI large model inference, projecting significant revenue growth through FY2026-2028 [4][5].