Guolonghui October 20 | Tianfeng International Securities analyst Guo Minghao's latest release of Nvidia Blackwell GB200 chip industry chain order information shows that Microsoft is currently the world's largest GB200 customer, with fourth quarter orders surging 3-4 times, exceeding the total orders of all other cloud service providers. Guo Minghao stated in a new report that the capacity expansion of the Blackwell chip is expected to start in the early fourth quarter of 2024, with estimated shipments between 0.15 million and 0.2 million in the fourth quarter, and shipments in the first quarter of 2025 are expected to increase significantly by 200% to 250%, reaching 0.5 million to 0.55 million units. In terms of the market, Nvidia's stock price has continued to soar, with a cumulative increase of up to 186.5% this year, but Wall Street remains very optimistic about Nvidia's future outlook. Among them, Bank of America Merrill Lynch stated that Nvidia's earnings per share (EPS) for the 2025-26 fiscal year will continue to rise by 13%-20% and raised Nvidia's target price to $190; Goldman Sachs believes that Nvidia's valuation is close to the median PE ratio of the past three years and, compared with its peers, its historical valuation is relatively low.