Takeaways from NVDA Financial Q&A

Research evidence excerpt

Takeaways from NVDA Financial Q&A

Semiconductors

NVIDIA CORPORATION (NVDA) June 2, 2026

Takeaways from NVDA Financial Q&A Rating:

OutperformNVDA held a Q&A session with financial analysts at GTC Taipei at Computex. Our Price:

key takeaways follow. $222.82

Price Target:

Buybacks. NVDA expects to return 50% or more of its FCF going forward - building $275

on its prior statements that it will return 50% of FCF this year, and institute a $0.25/ % Upside:

shr dividend. We expect NVDA to generate FCF of $216bn / $274bn in FY27 / FY28, 23.4%

respectively, driving cash returns of $245bn through FY28. We expect ~$40-$45bn Source: FactSet, Wolfe Research

of that to be distributed as dividends, leaving ~$200bn in share buybacks over the Priced as of 06/02/26

next 2 years. We believe this is a modest tailwind to EPS over the next 2 years, driving

a ~$0.25-$0.30 (+2.0%-2.5%) benefit to our ~$12.19 FY28 EPS.

Server CPU market sizing inline with our expectations. NVDA's Vera CPU is

purpose-built for high single-threaded performance - each CPU is needed for its own

agentic workload. Each Vera is a monolithic CPU, which contains 96 Olympus Arm- Chris Caso

based cores, and can run 10 instructions per cycle (IPC). Jensen indicated that the ccaso@wolferesearch.com

(646) 582-9360

use of CPUs for workload orchestration, storage servers, data processing, etc. could View Chris’s Research

effectively double the CPU overall number of CPUs in the datacenter. Given that View NVDA Model

head node CPUs typically attach with GPUs at a 1 : 2 ratio, this suggests that NVDA View Comp Table

expects the number of CPUs to rise to about 1:1 - consistent with its earlier NVDA Liz Pate

Pod commentary [link] as well as our prior CPU analysis [link]. lpate@wolferesearch.com (646) 582-9362