NVIDIA Earnings Preview: Can AI Chip Demand Continue to Support Stock Prices?

As the AI boom continues to sweep through global capital markets, NVIDIA's upcoming quarterly earnings report has become the focus of market attention. Whether this chip giant, dubbed the "shovel seller in the AI era," can continue to rely on the rapid growth of its data center business to support its stock price performance has become the most pressing question for investors.

Data Center Business: Key Growth Driver

Based on NVIDIA's historical earnings reports, the data center business has become the company's most important revenue source, accounting for over 80% of total revenue. Against the backdrop of explosive growth in generative AI, demand for high-performance GPUs continues to surge, and NVIDIA's H100 and H200 series data center graphics cards remain in short supply.

Industry insiders widely believe that enthusiasm for AI chip procurement among major cloud service providers, technology giants, and emerging AI startups has not diminished, providing sustained growth momentum for NVIDIA's data center business. However, the market is also watching whether growth is approaching a plateau and the competitive追趕态势 of rival AMD in the AI chip space.

Market Expectations and Key Metrics

Wall Street analysts are generally optimistic about NVIDIA's upcoming earnings report. Market focus is primarily on the following areas:

• Data Center Revenue Growth Rate: Whether it can maintain high-level growth and whether sequential growth is showing signs of deceleration
• Gross Margin Changes: Whether there is downward pressure on gross margins amid product mix adjustments and intensifying market competition
• Blackwell Architecture Product Progress: Mass production progress and market acceptance of the new-generation AI chips
• China Business: Changes in revenue contribution against the backdrop of export controls

Short-term Trading Reference

For short-term investors, NVIDIA's earnings report may bring significant stock price volatility. From a technical perspective, NVIDIA's stock is trading at historical highs with high valuation sensitivity. If earnings exceed market expectations, the stock could rally further; if they fall short, a significant pullback could occur.

It is worth noting that the long-term logic for AI chip demand remains intact, but the stock has already risen substantially in the short term, partially reflecting market optimism. Investors should closely monitor management's forward guidance after the earnings report, which will be key to determining whether the stock can continue to find support.

Risk Warning

The above content is for reference only and does not constitute investment advice. Investors should note the following risks: NVIDIA's stock is highly volatile, influenced by multiple factors including macroeconomics, market sentiment, and industry competition. AI chip demand is subject to cyclical fluctuations, and competitors' technological advancements may impact market share. Additionally, geopolitical factors and export control policies may introduce uncertainty to the company's performance. Investment involves risks; proceed with caution.