Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of $44.06 billion for FY2026 Q1, representing a year-on-year increase of 69.2% and a quarter-on-quarter increase of 12.0% [2] - Non-GAAP net profit for the same period was $19.89 billion, up 30.6% year-on-year but down 9.8% quarter-on-quarter [2] - The Non-GAAP gross margin was 61.0%, which, after excluding the impact of H20, adjusted to 71.3%, showing a decrease of 7.6 percentage points year-on-year and 2.2 percentage points quarter-on-quarter [2] Revenue and Profitability - The data center business achieved revenue of $39.11 billion in FY2026 Q1, a year-on-year increase of 73.3% and a quarter-on-quarter increase of 9.9% [3] - The computing/network business revenue was $34.16 billion, up 76.1% year-on-year, while the networking business revenue was $4.96 billion, up 56.3% year-on-year [3] - The company expects FY2026 Q2 revenue to be around $45 billion, with a year-on-year growth of 49.8% and a quarter-on-quarter growth of 2.1% [4] Product Development and Market Position - The company launched several new products in the gaming and professional visualization sectors, including the NVIDIA GeForce RTX 5060/5070 graphics cards [5] - The professional visualization segment saw revenue of $5.1 billion, a year-on-year increase of 19.2% [5] - The automotive business reported revenue of $5.7 billion, up 72.3% year-on-year, with a partnership established with General Motors to develop next-generation vehicles and systems [5] Financial Forecasts - The company forecasts total revenue for FY2026 to be $205.53 billion, with a year-on-year growth of 57.5% [1] - The projected net profit for FY2026 is $104.84 billion, reflecting a year-on-year increase of 43.85% [1] - The earnings per share (EPS) is expected to reach $4.30 in FY2026, with a P/E ratio of 31.97 based on the latest diluted earnings [1]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [11]. Core Insights - NVIDIA continues to lead the high-end AI chip development with the introduction of the Blackwell Ultra GPU, which features significant upgrades in HBM technology, achieving a FP4 precision computing power of 15 PetaFLOPS, a 2.5 times improvement over the previous Hopper architecture [2]. - The AI sector is entering a "big inference" era, with substantial demand for computing power. NVIDIA's CEO announced that major cloud service providers are expected to purchase 3.6 million Blackwell architecture chips by 2025, with data center spending projected to reach $1 trillion by 2028 [3]. - NVIDIA is enhancing its AI ecosystem by launching products tailored for various applications, including the Blackwell Ultra NVL72 cabinet for AI inference, which shows a 1.5 times performance improvement over its predecessor [3][4]. Summary by Sections Industry Events - The NVIDIA GTC 2025 conference was held from March 17 to 21, 2025, in San Jose, California, where CEO Jensen Huang discussed advancements in AI technology, chip product planning, and multi-domain collaborations [1]. AI Chip Development - The Blackwell Ultra GPU features advanced HBM3e memory with 288GB of VRAM, and NVIDIA has outlined a roadmap for three future GPU architectures: Rubin, Rubin Ultra, and Feynman [2]. AI Applications - NVIDIA's new products, including the Dynamo AI factory operating system, optimize the performance of AI models, achieving a 40 times performance increase over the Hopper architecture in inference tasks [3][4]. Investment Recommendations - The report suggests focusing on investment opportunities within the AI computing and application sectors, particularly in companies leading in HBM and CPO technologies, as well as domestic firms benefiting from China's new national system advantages [9].