Nvidia faces

Two years passed as an explosion of general artificial intelligence began to transform Nvidia’s Business. Since thenProfit from the manufacturer of chips has more than three times and the profit is four times.

NvidiaThe income report in the second quarter, scheduled for Wednesday, will be celebrated with the second anniversary of the growth, as the company has passed from being known as the manufacturer of gaming chips to the current position of the technology industry.

Last month, Nvidia became the first company to be affected A market limit on $ 4 trillionAnd that continues to appreciate the value. Since the end of 2022, approximately at a time when Openai launched Chatgpt and started generative AI Boom, Nvidia’s stock price rose in twelve years. This year it is 33%, closing on Friday at $ 177.99.

The growth is still significant for the size of the company Nvidia, but it slowed. After five quarters of triple extension in 2023 and 2024 growth decreased to 69% in financial The first quarter This year. Nvidia is expected to report the jump over $ 53% to $ 45.9 billion in its report in the second quarter, according to LSEG analysts.

The revenue of the data center in the first quarter consisted of 88% of the total NVIDIA sales, which is the most obvious sign of how significant AI has become in its business. The company stated that 34% of the total sales Last year He came from three unnamed customers. Analysts say Microsoft. Google. Amazon and Meta.

“Nvidia’s assumptions and performance really dictate that the market will start to appreciate the AI ​​trade, and this whole trade trade is essentially moving on the market last year,” said Melissa Otto, the head of the visible Alpha Research in S&P Global, which brings together Wall Street studies.

Nvidia is about 7.5% S&P 500.

The Megacap -Company Tech, except for Nvidia, reported the results in late July, updating Wall -Street on their investment plans. Total they seek to spend approximately 320 billion dollars on AI technology and construction data centers This year.

Openai, which is still private but has an estimate in hundreds of billions of dollars, says it will unite Soft banks and Oracle spend $ 500 billion over the next four years Project Stargatewhich President Donald Trump announced in January.

Analysts say about half past AI capital costs end Nvidia. The company’s hope for the so -called hypers leaves it vulnerable to changes in the macroeconomic environment and in the artificial intelligence industry, which remains difficult to predict.

CEO Openai Sam Altman said last week that he believes that “investors are generally overwhelmed about II,” and even said it could be “”bubble“

But do not expect a rollback yet. Open Financial Director Sarah Brother said CNBC On Wednesday, there is no computing in the company “constantly”.

As always, Wall Street will pay attention to NVIDIA leadership and other promising comments from Jentsen CEO Jensen. In the third quarter of the financial quarter, analysts expect revenue growth by 50% to $ 52.7 billion, LSEG reports. When Nvidia controls above and the second quarter is evaluated, analysts say this kind “beat and lift“Can lead to optimism even higher.

As the Blackwell chips are installed, experts believe that their excellent computing will allow companies like Openai and anthropic, create even more AI models. Openai’s GPT-5, which was announced earlier this month, passed the Nvidia’s training Bunker graphs of the last generationNot new Blackwell processors.

Last year, Nvidia stated that Blackwell would be limited by deliveries – how many chips can be built and partners – rather than demand.

Blackwell Ultra is expected to start delivery in the second half of 2025. Recently, Nvidia pushed back into the report from Asia, which states that Rubin, which is expected to make the bulk of GPU sales in 2027, saw early production problems.

One visible sign of Nvidia is worldwide Huan. He regularly checks Trump, and in the quarter goes to meet with business leaders and officials in Taiwan, China, Germany, England and Saudi Arabia.

Juan recently hit transaction With Trump, return access to the Chinese market. Nvidia will pay 15% of its Chinese revenue US Government in exchange for your AI -based AI export license, called H20, Trump said this month. The president added that he asked for 20%, but Juan agreed on him.

H20 is worth a lot for Nvidia. In the second quarter, the chip would make about $ 8 billion in sales, Nvidia said in MayBefore the US government said it would be required to send to China by effectively disconnecting sales.

Nvidia has not included any H20 sales in its recommendations for the second quarter, and analysts doubt that it will include in its forecast in the current period, partly because the Chinese government is pressure on its cloud providers to use home chips from companies such as Huawei.

If the H20 is included in the guide, it can increase revenue expectations by about $ 2 billion to $ 3 billion, Keybanc analysts, which recommend buying stocks, believe. But they said they expect Nvidia to completely exclude her next Extended micro -device ‘ lead with In early August.

“In addition, given the potential 15% export tax and pressure from the Chinese government for its II suppliers to use domestic chips II, we expect the leadership to be conservative,” Keybanc analysts write.

Nvidia is working on New chip with China ah Based on Blackwell, this is also likely to be approved by the president.

“I’m sure – Note about Juan last week on CNBC “The skin on the street”.

See: Interview CNBC with Secretary of Trade Howard Lutnik