【招银国际】AI infra. spending continues to rise; Nvidia’s outlook points to robust demand-250829（4页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 29 Aug 2025 CMB International Global Markets|Equity Research|Sector Update Semiconductors Semiconductors-AI infra.spending continues to rise;Nvidias outlook points to ro

2、bust AI infra.spending continues to rise;Nvidias outlook points to robust demand Nvidia(NVDA US,NR)reported robust F2Q26 results,with revenue reaching US$46.7bn,up 56%/6%YoY/QoQ,exceeding BBG consensus/company guidance by 1%/3%.Non-GAAP GPM came in at 72.7%,up 1.4ppt from 1Q,on track to achieve its

3、target of mid-70s by year-end.2Q net profit was US$25.8bn,up 52%/30%YoY/QoQ.Mgmt.guided 3Q revenue to be US$54bn(no H20 contribution),up 16%QoQ,slightly beating BBG consensus by 1%.The outlook implies a significant sequential increase of US$7.3bn,surpassing a normal US$4bn-US$5bn range during recent

4、 quarters(except for the H20-affected 2Q).Mgmt also guided 3Q non-GAAP GPM to recover to 73.5%,up 0.8ppt sequentially.Overall,Nvidia delivered a very solid 2Q despite ongoing geopolitical uncertainties.More importantly,3Qs guidance confirms that AI infrastructure investment momentum remains intact.W

5、e remain constructive on the AI supply chain beneficiaries.Maintain BUY on Innolight(300308 CH)and Shengyi Tech(600183 CH).Excluding H20-related sales,data center revenue grew 17%QoQ in 2Q,driven by 1)record Blackwell sales(+17%QoQ),2)networking strength,and 3)rising sovereign AI demand(mgmt.est.US$

6、20bn in 2025,more than double last years level).Nvidia commenced shipments of the GB300 during the quarter,currently outputting 1k racks per week,with volumes expected to accelerate throughout 3Q.Meanwhile,Blackwell Ultra also contributed tens of billions in sales.Mgmt.highlighted that its next-gene