Nvidia earnings: What will matter the most for the chipmaker
Semiconductor manufacturer Nvidia (NVDA) is scheduled to report first quarter earnings this week on Wednesday, May 28.
Ahead of its quarterly release, Nvidia CEO Jensen Huang unveiled several of the chipmaker's new projects at the 2025 Computex conference in Taiwan, including humanoid robotics and the company's NVLink Fusion program to develop semi-customizable semiconductors for customers' AI infrastructure.
Bernstein Managing Director and Senior Analyst Stacy Rasgon shares his thoughts about what could weigh on Nvidia's quarterly performance and forward guidance, especially around the United States' curbs on AI chip exports to China and the company's latest deals in the Middle East.
Also catch Rasgon weigh in on Nvidia's chip partnerships through its NVLink Fusion program.
To watch more expert insights and analysis on the latest market action, check out more Market Domination here.
Nvidia earnings on tap next week, the 28th. Stacey, what are some of the the questions top of mind for you on that print?
Yeah, you there's some near term worries just because of the China bans. You know they were banned from selling this H200 part in China which is meaningful. And it's it's I think I I saw an article just today that said Jensen had kind of sized it, you know, potentially $15 billion and you know that that's kind of in line with what what we had thought and, you know, I think they're supposedly trying to work around some of the new constraints and so it's very possible that some of that revenue comes back. But I mean does it impact in Q2? It it very clearly might. I I don't think that that'd be a shock at this point. I think that's anticipated. But I think some of the noise around China and near term is certainly a concern um and and a question. Um I think there's also some of the supply chain stuff that just this Blackwell transition has been challenging. It does look like they're in production. Jensen made some comments on that last night. So, but the ramp of Blackwell like into the end of the year and into next year I think will will be a a question. And then clearly is this stuff from the Middle East and maybe from other places starts to ramp over the next several years like how can that contribute? You know investors have been worried that 2025 could be a local peak for CAPEX. And I would say the only ones that have really been worried about that are investors. Like the companies that are actually spending the money don't seem to be worried. CAPEX budgets have actually been going up, not down. But to the extent that investors can get confident, there's still more growth to be had as we go forward. Um I think that's sort of like for the long-term thesis I think that's what's most important.
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