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NVIDIA Corp (NVDA.O) What Are Investors Asking? CITI'S TAKE We recently spoke with NVIDIA's investor relations team to synthesize theanswers to key investor topics. We maintain NVDA as our top buy-ratedmega-cap data center semis pick on strong access to DRAM memoryamidst constrained industry supply (see note). Kyber Rubin UltraDelay:Nvidia continues to state that its roadmap is fully intact.Additionally, management mentioned that the NVLink domains they showed atComputex this year have not changed either. CPO:Management reiterated that currently CPO for scale-out is in production withSpectrum-X and the company will have more details on customer adoption later thisyear, but NVIDIA nevertheless points to the customer adoption being high for CPOfor scale-out. Beginning in CY2028 with Feynman, customers will have an option touse NVLink with CPO or Copper. Atif MalikAC+1-415-951-1892atif.malik@citi.com Papa Sylla+1-212-816-9476papa.sylla@citi.com Meta's Cloud Ambitions:NVIDIA does not comment on customer plans butcontinues to see very strong demand and will focus on addressing demand. Neocloud vs. Hyperscalers:NVIDIA will continue to serve hyperscalers, neocloud,sovereigns, enterprises, etc. The company nevertheless points out that initiallyhyperscalers drove most of the deployments, but the AI market is seeing more AIlabs also ramping capacity, with also sovereign and enterprise on-prem demandgaining momentum over the past two years. Management believes that as thepromise of AI continues to turn to reality, the non-hyperscaler portion of the marketwill have to ultimately be bigger, specially as physical AI starts to ramp. Open vs. Closed Models:NVIDIA believes both are important. While frontier modelsare important in terms of driving performance, open source models are important forenterprise and sovereign to adopt, ramp, and scale AI. NVIDIA identified a marketneed which is why the company developed its own free models (Nemotron, Cosmos,and Alpha Mayo). NVIDIA is nevertheless clear that the objective is not to competewith frontier models but to help sovereigns and enterprises along in their AI journey. Cost/GW:Management was helpful in clarifying that the $100B per 1GW long termshould be viewed as an energy efficiency comment by Jensen, meaning that in thefuture $100B of compute will require only 1GW vs now with $30B-$40B for 1GWtoday. This is because gen to gen GPUs become more energy-efficient, with notablyBlackwell being 25x more power-efficient than Hopper. NVIDIA believes it cancontinue on that cadence moving forward. On the other side, as the ROI continues toincrease, NVIDIA expects to see more revenue intensity per GW. Data Centers in Space:NVIDIA mentioned that they have announced at GTC having a variant of Vera Rubin for space in the form of an accelerated satellite. In terms of realizing the vision Space X has discussed,though it has engineering challenges, the company does not believe it is impossible. Memory Maker's LTA Impact:NVIDIA continues to stick to its mid-70s GM guide provided last quarter. Capital Allocation:NVIDIA reiterated its target of 50% of cash flow to be returned to shareholders this year. As it moves toouter years, management mentioned that given where the stock is, they can expect the company to increase buybacks. Onthe recent $25B debt offering, NVIDIA mentioned it was mostly to offer itself more flexibility. d-Matrix Announcement: NVIDIA has not officially announced a collaboration with d-Matrix. Management mentioned thatthe company in the past has been more than willing to look at outside technologies to incorporate in their platform, and Groqis the latest example. NVIDIA Corp Valuation Our price target for NVDA of $300 is based on ~28x P/E on C27E earnings power of ~$11.9 (incl. SBC) discounted back. Our 28xP/E multiple is in-line with 3 year average. Risks Downside risks to the attainment of our target price include: 1) competition on gaming could drive the stock lower if Nvidialoses market share; 2) slower-than-expected adoption of new platforms can drive lower data center and gaming sales; 3)lumpiness in auto and data center markets can add volatility to the stock/multiple; and 4) cryptomining impact on gamingsales. If you are visually impaired and would like to speak to a Citi representative regarding the detailsof the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside theUS +1-210-677-3788 Appendix A-1 ANALYST CERTIFICATION The research analysts primarily responsible for the preparation and content of this research report are either (i) designatedby “AC” in the author block or (ii) listed in bold alongside content which is attributable to that analyst. If multiple ACanalysts are designated in the author block, each analyst is certifying with respect to the entire research report other than(a) content attributable to another AC certifying analyst listed in bold alongside the content and (b) views expressed solelywit