NVIDIA (+) : Classic beat, with CPU revenues c.$20bn

研报英文原文证据摘录

NVIDIA (+) : Classic beat, with CPU revenues c.$20bn

EQUITIES

IT HARDWARE

NVIDIA OUTPERFORMPRICE* USD223.5  TARGET PRICE USD285 (UPSIDE 28%) TARGET 6%PRICE EPS 01/27e14% EPS01/28e5%

Classic beat, with CPU revenues c.$20bn

Classic results/guidance beat; Key takeaways were 1) Vera-Rubin ramp-up on-track for FQ3 2) mgt21 MAY 2026

Securities Research Report stressing its growing GPU Compute market share from here as Anthropic and Enterprise scales up

Production time: 05:44* (London time)

and 3) Agentic AI driving a new CPU server opportunity for NVDA in a $200bn TAM. Remain O/P.

Research Analysts & Publishing Entities

David OConnor FQ1/FQ2 LSD/MSD beat; Raising FY27-29 EPS 4-8%; Lifting TP to $285; Remain O/P

BNP Paribas Securities Corp1 FQ1 print was a 3-5% revenue/EPS beat vs cons on revenues of $81.6bn (+85% y/y, +20% q/q) and

(+1) 415 659 1888

david.oconnor@us.bnpparibas.com EPS of $1.87. GM in-line at 75%. FQ3 guide was a 3-4% beat vs cons with revenues guided +11%

q/q to $91bn (+95% y/y) and implied Eps of $2.02. With the slightly stronger run-rate we raise FY27-

Ari Moscona-Skolnik

BNP Paribas Securities Corp1 29 EPS 4-8% and lift our FY28 25x P/E based TP to $285. With NVDA solidifying its position as

+ 1 917 286 8454 platform and market share leader in AI and stock trading at only 18x (3-year EPS CAGR 45%) FY28

ari.moscona-skolnik@us.bnpparibas.com cons EPS of c.$12, we see the stock as relatively cheap and remain outperform.

Reassuring message on Vera-Rubin ramp-up and market share

Mgt reiterated VeraRubin (VR) ramp remains on-track to start in FQ3, offsetting some market noise

suggesting a pushout. Further, mgt indicated full confidence in its $1Tr demand profile for

Blackwell/Rubin over CY25-27. With some investor debate on market share, co expressed