NVIDIA

Позитивное:

• Беспрецедентный прогноз долгосрочного роста выручки на 70% г/г в FY2028 при полной загрузке мощностей. Цитата: «Looking ahead, our preliminary expectation is for fiscal year 2028 revenue to grow approximately 70% year-over-year. Although we will work to close the supply-demand gap, we expect supply to remain a bottleneck at least through the end of fiscal year 2028.»
• Архитектура Vera Rubin генерирует колоссальный спрос и увеличивает долю кошелька (TAM) до $40 млрд на каждый гигаватт дата-центра. Цитата: «Since Hopper, our revenue opportunity has grown from roughly $18 billion per gigawatt to $25 billion with Blackwell, to $40 billion with Vera Rubin... We commenced production shipments of Vera Rubin earlier this month. Having already received purchase orders from every major hyperscaler, AI cloud, and system OEM, we expect Vera Rubin to mark the fastest product ramp in NVIDIA's history.»

Негативное:

• Ожидается заметное снижение валовой маржи из-за экстремального роста цен на память, которая достигнет дна в 71-72% в Q4. Цитата: «As you are already aware, we are experiencing extreme pricing conditions in memory... For Q3, we expect GAAP and non-GAAP gross margins to be 74% ±50 basis points. We expect margins to bottom in Q4 in the 71%-72% range before settling at 72%-73% in fiscal year 2028...»
• Рынок Китая фактически обнулен для серверных решений из-за экспортных ограничений, несмотря на наличие лицензий на H200. Цитата: «While small amounts of H200 products for China-based customers were approved by the U.S. government, we have yet to generate any revenue... Given ongoing geopolitical uncertainty, there is no China data center compute revenue in our forward outlook.»