Expecting Another Solid Quarter

研报英文原文证据摘录

Expecting Another Solid Quarter

he potential/eventual resolution of these issues as catalysts

Year* 215,938.0A342,824.0E442,793.4E for increased future spend.

Gross Margin in $ Confidence in NVDA’s Supply Chain Positioning

FYE Jan 2026A 2027E 2028E

Q1 Apr 61.0%A 75.0%E 75.0%E ● Advanced Logic, Substrate (and CCL and T-Glass), Memory, Optical transceivers

Q2 Jul 72.7%A 75.0%E 75.0%E (and InP), and HDDs are among the areas where supply for AI silicon and systems

Q3 Oct 73.6%A 75.0%E 75.0%E are seeing substantial bottlenecks. These constraints we believe in most cases

Q4 Jan 75.2%A 75.0%E 75.0%E are dictating shipments and revenue as server/system OEMs/ODMs/EMS in our Year* 71.3%A 75.0%E 75.0%E

view continue to under serve demand.

EPS in $ ● During our conversations with a variety of supply chain participants, we FYE Jan 2026A 2027E 2028E

Q1 Apr 0.81A 1.74E 2.37E have encountered numerous bottlenecks that are throttling (or threatening to

Q2 Jul 1.04A 1.84E 2.45E throttle) builds and deployments for a variety of specific participants in the AI

Q3 Oct 1.30A 1.97E 2.52E ecosystem. NVDA, however, to date has not been among those struggling with

Q4 Jan 1.62A 2.12E 2.63E supply chain. Year* 4.77A 7.68E 9.97E

P/E 47.3x 29.3x 22.6x ● And NVDA’s elevated levels of supply chain commitments ($95.2B post FQ4'26);

the company’s investments in certain points of constraint (e.g. LITE and COHR),

Pricing data provided by Thomson Reuters. and NVDA’s efforts to reach into the upstream supply chain beyond its set of*Numbers may not add up due to rounding.

direct suppliers, to support and influence component/material availability and

investment, all fit with our hypothesis that NVDA is simply better positioned

than peers with regards to certainty of component supply.