20231122-招银国际-NVIDIA_FY3Q24__Another_stunning_quarter_on_robust_AI_demand__New_chips_to_China_in_next_few_months_8页_1mb

NVIDIA reported strong performance for its FY3Q24 earnings, with revenue of US$18.1bn, beating consensus and guided expectations driven by AI demand in the data center segment. Key highlights include a 279% year-over-year growth in data center revenue, fueled by products like the Hopper GPU and generative AI applications. Adjunct gross profit margin reached 75.0%, above market consensus. For FY4Q24, the company guided revenue of US$20bn and a GPM range of 74.5-75.5%, beating market expectations, with plans for new regulatory-compliant products in China. This positive outlook could boost the tech sector and supply chain. CMBIGM maintains an OUTPERFORM rating for NVIDIA, recommending a buy for potential 12-month gains.

The report underscores NVIDIA's leadership in AI-driven growth, with data center and gaming segments showing resilience, while addressing regulatory challenges in China. Broader tech sector reports from CMBIGM highlight similar trends in chip stocks like AMD and Intel.