德银预计，与去年类似，今年的英伟达GTC大会将主要以“数据中心”为中心——这部分业务目前贡献了总营收的90%左右(较三年前的40%实现了大幅增长)。总的来说，预计英伟达将讨论人工智能计算在各个行业的广泛扩散，以及该公司为扩展这一生态系统所做的各种努力(GPU/加速器平台、个人AI超级计算机Project DIGITS、创新软件NIMs、推理模型、物理AI(Physical AI)/机器人等)。该行预计，此次GTC大会的主要焦点将是英伟达GPU平台路线图(Blackwell Ultra GB300、Rubin、Rubin-Next、Vera CPU)上即将推出的产品的细节，如不同平台的投产时间，其中一些似乎有望在未来四个季度内上线。Deutsche Bank believes that this year's NVIDIA GTC conference will still focus primarily on "Datacenter," expecting that NVIDIA will discuss the extensive diffusion of AI computation across various Industries, as well as the company's various efforts to expand this ecosystem.
According to the Zhito Finance APP, AI chip giant NVIDIA (NVDA.US) will hold the GTC 2025 conference from March 17 to 21. At this NVIDIA GTC conference, there will be over 1,000 speeches and more than 300 live demonstrations covering fields such as humanoid robotics, Cybersecurity, Medical, and autonomous driving. Deutsche Bank released a Research Report last week, providing an outlook on the upcoming NVIDIA GTC 2025 conference. Deutsche Bank believes that this year's NVIDIA GTC conference will still focus primarily on "Datacenter," expecting that NVIDIA will discuss the extensive diffusion of AI computation across various Industries, as well as the company's various efforts to expand this ecosystem. Deutsche Bank also stated that it expects NVIDIA to launch the Blackwell Ultra GB300 and B300 series GPUs at the GTC conference, and may showcase the next-generation Rubin series.
Deutsche Bank maintained a "Hold" rating on NVIDIA in its Research Report, with a Target Price of $145.
Deutsche Bank expects that, similar to last year, this year's NVIDIA GTC conference will primarily focus on "Datacenter"—this segment currently contributes about 90% of total revenue (a significant increase from 40% three years ago). Overall, it is expected that NVIDIA will discuss the extensive diffusion of AI computation across various Industries and the company's various efforts to expand this ecosystem (GPU/accelerator platform, personal AI supercomputer Project DIGITS, Innovative Solutions and Support NIMs, inference models, Physical AI/robots, etc.). The bank predicts that the main focus of this GTC conference will be the details of upcoming products on the NVIDIA GPU platform roadmap (Blackwell Ultra GB300, Rubin, Rubin-Next, Vera CPU), such as the production timelines for different platforms, some of which seem likely to go live in the next four quarters.
Among these, Deutsche Bank emphasized Blackwell Ultra GB300 and Rubin. Deutsche Bank expects that the GB300 series GPUs will offer higher HBM capacity (expected to increase by more than 50%, utilizing HBM3e 12 high stacking technology), thereby significantly enhancing product performance. These performance improvements are expected to offset higher power consumption, providing an attractive TCO configuration. Deutsche Bank also anticipates that the next-generation GPU platform Rubin is likely to use Taiwan Semiconductor's N3 process and be equipped with HBM4.
Deutsche Bank stated that considering the numerous expected changes in the Rubin roadmap (new process nodes, new CPUs, new HBM, new packaging technologies), the bank expects very impressive performance improvements with each generation of GPU platforms. Additionally, the bank stated that it will also focus on pricing/profit margin trends for the new GPU platforms, as cost conditions may undergo significant changes.
In terms of demand, it appears that the capital expenditure budgets of major computing customers (cloud service providers, consumer Internet companies, enterprises, sovereign entities) have remained strong so far in 2025 (despite concerns about scaling law limitations, efficiency improvements, XPU involvement, etc.). Therefore, Deutsche Bank expects the supply-demand environment to remain favorable for NVIDIA, at least in the short term.
In summary, Deutsche Bank expects NVIDIA to maintain its consistent optimistic tone at this GTC conference, continuing to pave the way for innovation in AI computation. The bank acknowledges that the overall market correction provides an interesting Buy point for NVIDIA's stocks, but the bank prefers to remain on the sidelines until macro volatility is eliminated, while having more confidence in the company's sustainable growth in the coming years.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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