英伟达路演纪要：投资者关系会议要点

NvIDIA(NVDA):NotesfromtheRoad-TakeawaysfromaninvestormeetingwithIR Last week as parf of Bemsfein's 2" annuar Asie Semiconductor Fanum we held e (virtua/]invesfar mecting with Stewart Stecker, Senior Dirscfor of /nvestor Rolaticns at NVIDIA.Below we share aur fakeaways Stacy A. Rasgon, Ph.D.+1 213 559 5917stacyrasgengeemstcinsg.com Alric Shaw+1 917 344 8454alFick.shaw2ternste nsg.corm NVIDIA is still awaiting licenses to ship H200 products into China from the U.S.government (at this point all they have is Trump's tweet/truth... From there theywill assess their demand requests and then begin manufacturing The companydoes have some H200 relatecl inventory, but not all components, and are still working witisuppliers snd menufacturers to get an idee of the procluction timeline as they prepare tosarve this market. They also heve not yet received any codificetion or officiel papervorkaround the 25% governmental revenue share (hence they are unsure on how this will bcaccpunted at this pbint) Arpedvcn Nares+1 917 344 $461arpad>anne=e@bernsteinsg com Jensen Huang's forecast of S500B in cumulative Blackwell and Rubin sales throughCY25 & CY26 includes networking and will likely be higher than that as it was justa snapshot of the company's visibility at that point in time, They continue to securenew wins (e.g. Anthropic, desls in tine Micclle East) which were not includec that numiberThe OpenAl10GW is not includecl in this number, though OoenAl demerid served throughthe cloud is included. NVIDIA remeins confident in their ability to serve that S5O0B+ indemeand, es they vork wit1 suppliers anc manufacturers to socure supply. Given their ~9month leadtime it's likely that any incrernental orders betwnen that Octobnr announcementand through March could be served in CY2S and present upside to that S5O0B figure (andthey noted they would not have put the number out if they did not feel gocd abcut it) NVIDIA believes that they are ~2 years ahead of Google's TPU program, though theyacknowledge the strides that Google has made in their >10 year journey. As the Allanciscape continues to move rspidly fe.g. from CNN to transformer models to whatevercomes next), they believe it will be dlifficult for Google to convince CSPs to deploy TPUsas they are optimized for specific mocel structures (ve shall soe, cleerly there is somodcployment i.e. Anthropic at least), But they believe NVIDIA's programmable: platformsolutions remain the best hardware for cloud Al infrastructure. Gross margins should stay in the mid-70s in CY2B, as rnanagement ofsels inicreases inthey noted they still have t keep on top of things as we go through the year). NVIDIA addressed the "circularity" concerns, noting thst theyve been making strsteglcinvestments for years, and consiclering tihat their investments YTD ere ~LSD% ofthairrevenues, its clearly not fueling their growth. On the recent announcement of a collaboration with AWS on NVLink, N'VIDIA sees nobundling af their hardware. They're merely extending part their stack and platforn tc AWS'custom silicon. BERNSTEINTICKERTABLE INVESTMENTIMPLICATIONS NvDA (Outperform, S275.oo): The datacenter opportunity is enormous, nd still early, with material upsice stl possible. DETAILS Lsst week we held sn invesfor meeting with Senior Direcror of lnvestor Relations at WVIDIA, Stewsrt Stecker. Below we share ourtekeaways. NVIDIA Is stillawaiting licenses to ship H200 products into China from the U.S, government (et this point all theyhave is Trump's tweet/truth). From there they will assess thelr demand requests and then begin manufacturing-The company does have some H200 related inventory, but not all components, and are stll working with suppliers andrmanufacturers tc get an idea of the production tieline as they prepare to serve this market. They also have not yet received arnycodificalion cr official paperwork arcund the 25% revenue sharing with Ihe U.S. governrnent, hence they are unsure cn how thiswill be accounted at this point. Jensen Huang's forecast of $500B in cumulative Blackwell and Rubin sales through CY25 & CY26 includesNvIDIA continues to secure new wins, such as Anthropic nd deals in the Middle Eest, which were notincluded thet number.Their recent anncuncement of a letter of intent to deploy 10GW of A infrastructure with OpenAlis not included in this number NVIDIA remains confident in their ability to serve that S5OOB+ in demand, as they work with suppliers andmanufacturers to secure supply. They indicated that they wouldn't put that number cut unless they felt gpod about i, andgiven their 9 rnonth leadline it's likely thal arly increrental crders belween that October announcernent and through Marchcould be served in CY25 and present upside to that $5O0B figure Gross margins should stay in the mid-70s in CY26, as management offsets increases in component prices by securingsupply prices early and with fevorable Rubin ASPs. Although component prices are increasing and the environment isdynem