NVIDIA (NVDA.US) 's 1FQ results ended 28 April were in line with CICC's expectations and beat street consensus, with the data center business holding up well, CICC covered in its report. The growth was believed to reflect the trend of corporate investment in the artificial intelligence cloud business.
Looking ahead into 2024, investors were advised to watch for the impact of the change in product mix on overall margins, as the H200 products start to be delivered in 2Q24, and the Blackwell platform B-series products should be delivered within 2Q24 and accelerated in 3Q24, both of which were ahead of street consensus.
CICC maintained its FY2025 and FY2026 non-GAAP net profit forecasts of NVIDIA of US$71.3 billion and US$103 billion, respectively, and maintained an Outperform rating, with a 20% target price increase to US$1,200.
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