Investment Ratings - The report maintains a "Buy" rating on Nvidia (NVDA), AMD, and ARM, while issuing a "Sell" rating on Intel (INTC) [1][2][18]. Core Insights - The report highlights rising volume expectations across the supply chain, particularly ahead of Nvidia's Blackwell GPU shipments scheduled for late Q3 2024 [1]. - Nvidia and AMD are accelerating innovation in GPUs, leading to a competitive landscape characterized as "Nvidia vs. the Rest of the World" [1]. - The introduction of AI PCs is generating excitement within the industry, with Arm gaining early traction in AI PCs [1]. - Intel and AMD are promoting their new server CPU platforms, emphasizing performance and power efficiency advantages over existing processors [1]. Nvidia (NVDA) - Nvidia's 12-month price target is set at 120.89 [4]. - The company is expected to maintain its competitive lead in accelerated computing, supported by a robust R&D scale and innovation cadence [4][8]. - Nvidia's revenue estimates for CY2025/26 are projected at 203.4 billion, respectively, with non-GAAP EPS estimates of 5.10, which are 18% and 23% above consensus [10][11]. AMD - AMD's 12-month price target is set at 167.87 [20]. - The company is expected to benefit from an accelerated product cadence in the Data Center GPU segment, with new products like MI325 and MI350 launching in the near future [21][22]. - AMD's server CPU market share is projected to increase from 22% in Q1 2024 to 28.4% by 2026 [23]. ARM - ARM's 12-month price target is set at 136.57, indicating a 4.7% upside [38]. - The company is leveraging its architectural advantages in power efficiency to expand its customer base in the cloud, including partnerships with major players like AWS and Google [39]. - Recent product announcements, such as the Arm Cortex-X925 CPU and Immortalis-G925 GPU, showcase significant performance improvements, particularly in AI applications [39].
高盛：半导体mputex 2024 要点；重申对NVDAAMDA 的买入评级并维持
RMI·2024-06-13 03:35