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cover of episode Instant Reaction: Nvidia Gives Solid Forecast, Despite China Concerns

Instant Reaction: Nvidia Gives Solid Forecast, Despite China Concerns

2025/5/28
logo of podcast Bloomberg Businessweek

Bloomberg Businessweek
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Joe Kaiser
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Mandeep Singh
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Mandeep Singh: 我认为，尽管英伟达在中国市场面临80亿美元的收入损失，但其整体业绩展望依然稳健。如果没有中国市场的损失，英伟达的收入本可以更高。然而，英伟达似乎能够通过其他客户的需求来弥补这一损失，例如来自阿联酋和其他企业客户的订单。长期来看，失去中国市场意味着失去潜在客户，因为许多新兴的LLM公司都在中国。不过，我认为英伟达的芯片在性能上仍然具有优势，只有大型云服务商才会寻求替代方案以降低依赖性。如果英伟达失去中国市场，投资者可能会担心其对大型云服务商的依赖。此外，我认为主权AI是一个巨大的机会，例如来自阿联酋和沙特阿拉伯的收入。许多实体希望建立自己的大型语言模型基础设施，这对于英伟达的增长来说是一个真正的利好因素。最后，我认为英伟达应该效仿苹果，通过股票回购等方式向股东返还现金。 Joe Kaiser: 我认为，英伟达的增长和盈利能力是前所未有的，远超微软和苹果在相似发展阶段的表现。我认为英伟达还有很大的上升空间，因为AI在企业应用中的部署还处于早期阶段，英伟达有很长的发展道路。Blackwell芯片在降低功耗方面取得了重大突破。美国有足够的资源和技术来解决电力问题，建设电厂的主要障碍是审批流程。

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Nvidia's Q2 forecast met analyst expectations, despite an $8 billion revenue loss from China due to export controls. The company's ability to offset this loss with other customers highlights its strong market position and diversified clientele. This positive forecast is impressive considering the significant revenue hit from China.
  • $44 billion revenue (would have been 5% higher without China losses)
  • Q2 forecast in line with analyst estimates
  • Significant revenue loss from China ($8 billion)
  • Stock rose 4% in extended trading

Shownotes Transcript

Nvidia, the world’s most valuable chipmaker, gave an upbeat revenue forecast for the current period, even as a slowdown in China weighed on results. Sales will be about $45 billion in the second fiscal quarter, which runs through July, the company said on Wednesday. That included the loss of roughly $8 billion in revenue from China because of export controls. The forecast was in line with analysts’ estimates, according to data compiled by Bloomberg.

Nvidia shares rose about 4% in extended trading following the announcement. The outlook shows that Nvidia is ramping up production of Blackwell, its latest semiconductor design. The chipmaker — now the world’s largest by revenue — dominates the market for AI accelerators, the components that help develop and run artificial intelligence models. And an ever-broader lineup of hardware and software is letting Nvidia sell more products to customers.For instant reaction and analysis, hosts Carol Massar and Tim Stenovec speak with:

  • Bloomberg Intelligence Senior Tech Industry Analyst Mandeep Sing
  • Joe Kaiser, Managing Director at Mercato Partners

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