Nvidia Corporation CFO Keynote

BofA maintains a Buy rating on NVIDIA, citing a robust outlook driven by rising system content values per gigawatt and a balanced sales mix between hyperscale and enterprise/industrial sectors.

Key Takeaways

• 1.NVDA's Vera CPU opportunity is split 50/50 between traditional head nodes and standalone agentic AI sockets.
• 2.NVIDIA system content value continues to scale significantly with each generation, rising from ~$40bn/GW for Blackwell to potentially ~$100bn/GW for Feynman.
• 3.The company maintains a balanced 50/50 sales mix between hyperscale and ACIE (AI Clouds, Industrial, Enterprise) segments.

Table of Contents

• NVIDIA Corporation
• Rising content, increasing opp'ty, solid supply visibility
• Vera CPU: head node vs. agentic AI likely 50/50 opp'ty
• NVDA content $/GW rising materially gen-over-gen
• King of diversity: ACIE as important as hyperscale/cloud
• Price objective basis & risk
• Analyst Certification
• Disclosures