NVDA: SpaceX Places $52B GB300 Rack Order (13,000 Racks) with Foxconn - NVDA Positive; Focus on Dell & Supermicro Competition

研报英文原文证据摘录

NVDA: SpaceX Places $52B GB300 Rack Order (13,000 Racks) with Foxconn - NVDA Positive; Focus on Dell & Supermicro Competition

Semiconductors Equity Research

Investment Thesis, Valuation and Risks

Nvidia Corporation (NVDA)

Investment Thesis

Our Overweight rating is based on our positive stance on NVIDIA’s competitive positioning in gaming GPUs and expanding growth

opportunities in data center, HPC, and emerging / expanding AI opportunities (autonomous vehicles, healthcare, robotics, etc.). We see

sustainability in NVIDIA's CUDA software platform differentiation, as well as the company's continually deepening system software

capabilities. We see NVIDIA as one of the most attractive secular growth stories in large-cap semis.

Target Price Valuation for NVDA

Our $315 price target is ~21x P/E on our C2028E. This compares to NVDA trading at a ~32x median NTM P/E on consensus estimates

over the past three years. While "peak share" concerns have compressed NVIDIA's multiple, we argue the company should at least trade in-

line with SOX P/E given strong multi-year competitive positioning for data center growth, driven by cloud and AI, gaming, next-generation

autonomous vehicles, and an expanding ecosystem of products/applications (e.g., Omniverse).

Risks to Our Price Target and Rating for NVDA

Risks include: (1) increased competition in the cloud data center, high-performance computing, and PC gaming markets (2) the continued

development of new markets, including artificial intelligence/machine learning and autonomous driving, and (3) delays in product

introduction due to use of third-party process technology, component availability, etc.

Companies Mentioned in Report

Company Name Ticker Last Price

(07/17/26)

Nvidia Corporation NVDA $202.81