Bangalore Wealth Management：Nvidia, burst!The company's stock price hit a record high this week

A big news came from Nvidia.

Tianfeng International Securities Analyst Guo Mingzheng's latest release of Nvida Blackwell GB200 chip industrial chain order information shows that Microsoft is currently the world's largest GB200 customer.sum.

Guo Mingzheng said in a new report that the capacity expansion of the Blackwell chip is expected to start early in the fourth quarter of 2024. It is expected that the shipment in the fourth quarter is between 150,000 and 200,000 yuanBangalore Wealth Management. It is expected to ship in the first quarter of 2025.It will increase significantly by 200%to 250%to 500,000 to 550,000 yuan.Jaipur Stock

At the market level, Nvidia's stock price has continued to soar, and the cumulative increase in the year has reached 186.5%, but Wall Street's outlook on Nvidia's market outlook is still very optimistic.Among them, Bank of China stated that Nvidia 2025-26 Paper earnings (EPS) will continue to rise by 13%to 20%and adjust Nivisive's target price to $ 190; Goldman Sachs believes that Nvidia's valuation is close to the past three yearsThe price -earnings ratio is medium, and its historical valuation is relatively low compared to its peers.Nvida's fierce material

Tianfeng International Securities Analyst Guo Mingzheng's latest release of Nvida Blackwell GB200 chip industrial chain order information shows that Microsoft is currently the world's largest GB200 customer.sum.

Guo Mingzheng said in a new report that the production capacity expansion of Nvidia Blackwell chip is expected to be launched early in the fourth quarter of 2024.Considering the yield and test efficiency, the shipment volume in the fourth quarter of 2024 is between 150,000 and 200,000 yuan. It is expected that the shipments in the first quarter of 2025 will increase significantly by 200%to 250%to 500,000To 550,000 yuan.

This means that Nvidia may achieve millions of sales targets in just a few quarters.Huang Renxun, the founder and CEO of Nvidia, said in a previous interview that the company's upcoming Blackwell chip has been fully put into production and demand "crazy".Jaipur Wealth Management

At present, Microsoft is the most active customer for purchasing Blackwell GB200.In addition to the original GB200 NVL36 order in the fourth quarter of 2024, Microsoft recently planned to get a customized GB200 before Nvx GB200 NVL72 (also known as reference design) to enter the large -scale production (also known as the second quarter of 2025).NVL72 unit.

In the fourth quarter of 2024, the Blackwell GB200 order volume has increased from the previous 300-500 cabinets (mainly NVL36) to about 1400-1500 cabinets, of which about 70%are NVL72, up to 400%.Subsequent orders will be mainly concentrated in NVL72.

According to Guo Mingzhang's updated industrial chain order information, Microsoft has recently discussed with key component suppliers in the fourth quarter of 2024 (about 1.5 times to 2 times or more), and is ready to reserve in advance.

Foxconn and Guangda are responsible for delivering Microsoft's BLACKWELL system. According to the investigation of the two companies, Microsoft's Blackwell GB200 orders are far ahead of other cloud service providers. It is said that the company is rapidly expanding its AI computing power.Agra Wealth Management

Microsoft plans to deploy the Blackwell GB200 in low -temperature data centers (such as Washington State in Washington, Canada, Clear City, Finland, etc.) to actively relieve the potential impact of active relief due to insufficient cooling system optimization time.

Orders from other cloud service providers include, Amazon's GB200 NVL36 orders in the fourth quarter of 2024, and Meta's architecture that Meta focuses on Ariel instead of Bianca, the order volume is significantly lower than Microsoft.

It is worth mentioning that Microsoft Azure's official account recently posted on social platforms that the company has obtained the AI ​​server equipped with Nvidia Blackwell GB200 super chip, becoming the first company in global cloud service providers to use the Blackwell system.

Guo Mingzheng said that Microsoft's Blackwell GB200 key component supplier plans to begin large -scale production and shipments in the fourth quarter of 2024, which will earlier the performance of its supply chain than other cloud service providers.Nvidia Cyclone

At the market level, Nvidia's stock price has continued to soar, and this week has reached a record high again. The cumulative increase in the year has reached 186.5%, and the latest total market value has climbed to US $ 3.39 trillion (about RMB 24 trillion).

Despite the amazing increase, many Wall Street institutions are still very optimistic about Nvidia.

Among them, Bank of America analysts Vivek Arya, Duksan Jang, etc., said that buying Nvidia is "one opportunity for a generation of talents". At present, the valuation of Nvidia is still attractive, because its PEG index (P/E ratio/year -on -year every year/year -on -year PEG index/year -on -year every year -onThe compound growth rate of stock income) is only 0.6 times, which is far lower than the average of 1.9 times in other companies in the "Seventh U.S. Technology Technology Giant".

Bank of America continues to be optimistic about Nvidia mainly from the following three driving factors:

1. Recent industry incidents (TSMC's performance, AMD AI incident, our conferences with Broadcom, Meiguang Technology and other industries, the release speed of large -scale language models, the capital expenditure comments of top -level oversized companies, and NVDA management "Crazy Blackwell needs");

2. Nvidia's corporate partnership (Essezhe, Servicenow, Oracle, etc.) and software products (NIM services) are underestimated;

3. Have the ability to generate US $ 200 billion in FCF (free cash flow) in the next two years.

Bank of America expects that Nvidia 2025-2026's earnings per share (EPS) will continue to rise by 13%to 20%, and the target price of Nivisnda will be adjusted to $ 190.It is estimated that by 2027, Nvidia's earnings per share will rise to more than 5 times, reaching $ 5.67, and the price -earnings ratio will fall to 24 times more gentle.

Goldman Sachs also believes that Nvidia is currently in a reasonable pricing, and its valuation is close to the median price -earnings ratio of the past three years, and compared with its peers, its historical valuation is relatively low.

Goldman Sachs pointed out in the latest report that Blackwell's launch and production capacity climbing is not only the driving force for recent and medium -term revenue growth, but also the driving force for expanding the competitive advantage of Nvidia.

Goldman Sachs said that the front time of the Blackwell GB200 product is about 12 months, so its data center business has a strong forward -looking.Considering that the current AI demand is still strong, in the foreseeable future, Nvidia's chip supply will remain tense.

Goldman Sachs emphasized that Sovereign AI, autonomous cars and humanoid robots are also an important driving force for Nvidia to grow in the current and future growth in the AI ​​field.

Goldman Sachs predicts that the growth of chip products based on Blackwell will still be performed as planned. The product will contribute billions of dollars in the first quarter of next year, and will further grow in April and after that.

(Source: Securities Times · Brokerage India Author: Zhou Le)

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