Financial forecasts are slightly lower than market expectations, and growth momentum remains strong

NVDA released its latest financial forecast, predicting fourth-quarter sales of approximately US$37.5 billion, lower than market expectations of US$37.8 billion, with an annual increase of approximately 70%. Although the growth rate has slowed down compared with 265% in the same period last year, it still shows the continued strength of its AI chip business. This year, Huida's share price rose by as much as 204.48%, making it the focus of attention in the market this year.

Investment banks have raised their target prices one after another to remain optimistic about the prospects

Although the guidelines are not fully up to standard, Wall Street analysts generally believe that Huida still has absolute leadership in the AI field, and many investment banks have raised their target prices:

• Goldman Sachs：目标价从150美元上调至165美元，认为AI基础设施需求强劲，2025年毛利率有望恢复正常化。
• Barclays：目标价从145美元提升至160美元，称辉达最新指引令未来两季在市场上处于更有利的位置。
• Citi：将目标价从170美元提升至175美元，期待2024年CES会议上辉达执行长黄仁勋揭示更多AI技术蓝图，预期Blackwell晶片需求进一步增长。
• Deutsche Bank：将目标价从115美元提高至140美元，虽维持「持有」评级，但上调未来两年每股盈余预测约15%。
• JPMorgan：将目标价上调至170美元，并重申「增持」，强调Blackwell产能提升有望延续需求超供应的格局至2025年。

Technology and product strategies to strengthen competitive barriers

The production of Blackwell's latest generation of AI chips is significantly ahead of schedule, and analysts believe that this product will become the core driving force for future growth. Viida continues to strengthen its chip, hardware and software platform integration capabilities and currently has more than 4 million CUDA developers. This ecosystem maintains a leading position in the technology competition. In addition, Huida is working hard to dispel concerns about its supply and power problems, and may usher in more optimistic signals in the coming quarters.