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NVIDIA
$138.00at analysis · now $230.48
NVIDIA supplies data center GPUs together with its CUDA AI software stack, and most revenue comes from the data center segment. Blackwell (B200, GB200) is the current flagship, and high operating margins with strong cash flow define its financials. Valuation sits above its historical average, and the effect of efficient open-source AI models on GPU demand is a variable the market is watching.
25.03 · Yahoo Finance 기준
What to watchKST
What to watch: (1) quarterly results and the data center revenue share; (2) Blackwell supply volumes and shipment timing; (3) sovereign AI infrastructure announcements; (4) policy changes such as export controls.
- 10/14(수)미국 9월 소비자물가(CPI)
- 10/29(목)FOMC 금리 결정
- 11/3(화)미국 중간선거
- 11/6(금)미국 10월 고용보고서
- 11/10(화)미국 10월 소비자물가(CPI)
Strengths
NVIDIA holds an unrivaled 80%+ market share in AI training/inference GPUs. The CUDA ecosystem creates powerful software lock-in with very high switching costs. An annual GPU roadmap (H100 → B200 → next-gen) continuously drives customer upgrade demand. The full-stack AI platform now spans networking (Mellanox), software (NIM, Omniverse), and all major hyperscalers (Microsoft, Google, Amazon, Meta) are core customers.
Weaknesses
Competition is gradually intensifying from AMD MI300X, Google TPU, and custom chips (Amazon Trainium). Over 50% of revenue is concentrated among a handful of hyperscalers, creating customer concentration risk. US-China semiconductor export controls could shrink China revenue (~15%). A premium valuation above 40x PER adds downside risk, and any slowdown in the AI investment cycle could trigger a sharp correction.
Risks
- AI investment cycle slowdown or hyperscaler CAPEX reduction
- Efficient AI models (e.g. DeepSeek) dampening GPU demand growth
- AMD MI300X, Google TPU v6 closing the performance gap
- China revenue decline from tighter US semiconductor export controls
- Elevated valuation (Forward PER 35-40x) increasing price volatility
Financials
| Item | 24.09 | 24.12 | 25.03 |
|---|---|---|---|
| Revenue | $35.1B | $39.3B | $44.1B |
| Operating Income | $21.9B | $24.8B | $28.5B |
| Net Income | $19.3B | $22.1B | $25.2B |
| ROE | 115.2% | 108.3% | 98.5% |
| Debt Ratio | 41.2% | 39.8% | 37.5% |
| PER | 65.2 | 52.8 | 42.3 |
| PBR | 52.1 | 45.6 | 38.4 |
Yahoo Finance 기준
Latest news
- NVIDIA Blackwell B200 demand exceeds supply through 2026
- NVIDIA reports record Q4 revenue of $39.3B, beats estimates
- Sovereign AI spending drives new growth for NVIDIA data center GPUs
- NVIDIA announces next-gen Rubin architecture at GTC 2026
- DeepSeek sparks debate on GPU demand efficiency, NVIDIA stock dips
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