Source: Jinshi Data

Nvidia will release its fourth-quarter financial report after the close of US stocks on Wednesday, and it faces huge challenges.

As the world's second largest company, Nvidia needs to prove to investors that demand for its next-generation Blackwell chips remains strong and will not be impacted by the DeepSeek AI model.

Last month, DeepSeek sparked concerns among U.S. stock investors that data center demand for computing power may be lower than initially expected, which will lead to a decrease in NVIDIA GPU sales. However, Nvidia CEO Jensen Huang believes that the efficiency improvement of DeepSeek will only accelerate the adoption and development of AI.

Foreign media data show that analysts expect Nvidia's revenue to grow by 73% this quarter to reach US$38.2 billion, compared with approximately US$20 billion in the same period last year.

The following is Wall Street's interpretation of Nvidia's upcoming financial report:

Ruisui Securities: Some "growth troubles" are expected in the short term

Ruisui Securities analysts said that although they expect Nvidia A financial report that is "as expected" will be released, but they also expect some "growth worries".

Ruisui Securities said in a report last week that "our survey shows that while DC (data center) revenue in the January quarter is in line with expectations, the April quarter may flatten because Given the power/heat dissipation requirements of the GB200, the growth in the short term remains moderate. ”

DC refers to Nvidia’s data center revenue, covering its GPU chip sales.

For Ruisui Securities, the focus is on the second half of the year, as it expects strong Blackwell growth to make up for any loss in the first half of the year.

"We continue to see NVDA lead the industry with its CUDA ecosystem and its integrated hardware platform with strong customer relationships," said Ruisui Securities, adding that its major clients are expected to be Microsoft, Amazon and Alphabet The Blackwell GPU purchase will be accelerated later this year.

Ruisui Securities gave Nvidia a "better than the market" rating, with a target share price of US$175.

Wade Bush Securities: Good news is expected

Analysts at Wade Bush Securities said the biggest question in the upcoming financial report is whether this will be another "expected $2 billion," and Raised earnings expectations for $2 billion” in the quarter. The company thinks they can do it.

Wade Bush Securities said, "We expect Nvidia to perform strong again and 'clearly exceed expectations and raise expectations', which should alleviate investor concerns as Huang Renxun will elaborate on Blackwell and AI capital expenditures The huge demand drivers that are driving the Fourth Industrial Revolution. "

Wade Bush Securities said that according to its channel survey, the deployment of individual AI companies has not slowed down due to DeepSeek orChange. "No customers want to 'lose their place in the queue,' as we know, this is the case with Nvidia's next generation chips." Bank of America: The next catalyst is the GTC conference< p>Bank of America analysts expect Nvidia to exceed analyst expectations and said it expects the company's data center revenue to grow by 60% year-on-year in the calendar year of 2025.

Bank of America analyst Vivek Arya said in a note earlier this month that “although DeepSeek’s optimization is considered ‘revolutionary’, so far, Nvidia’s large clients, including Microsoft and Meta) spending intentions have not changed. ”

Arya said hardware and software optimization is a “critical part of computing”, so he does not expect the efficiency gains in DeepSeek to lead to a decline in company sales.

In addition to looking forward to the financial report, Arya said that Nvidia's GTC conference in March is the next important catalyst. By then, investors' attention to Nvidia could shift from Blackwell to its next-generation products, including Rubin GPUs and autonomous robot solutions.

Bank of America gave Nvidia a "buy" rating with a target share price of $190.

Bloomberg Intelligence: Blackwell goes as planned

Bloomberg Intelligence Technology analyst Kunjan Sobhani said last week that Nvidia is likely to meet fourth-quarter revenue expectations and raises amid “large growth in Blackwell GPUs” First quarter expectations.

Sobhani said Nvidia has overcome some recent supply chain delays and concerns about hyperscale demand, as can be seen in the losses caused by its stock price to completely regain DeepSeek.

"Initial shipments to key customers begin in the fourth quarter and will continue into the first quarter of 2026," Sobhani said. “Increased capital expenditure guidance from Meta, Microsoft, Amazon Web Services and Google has strengthened our confidence in recent sales.”

Encouragingly, Sobhani said Nvidia’s profits due to Blackwell’s production growth, thanks to Blackwell’s growth in profits The rate may "recover to the mid-term of 70%" in the second half of the year.