黄仁勋再次强调，他认为AI需求不仅将持续强劲，而且正在跨应用领域广泛扩展。他特别指出云服务提供商(CSPs)的持续投资，以及同样显著但较少被讨论的推动因素：企业IT现代化（约占全球IT支出的一半）和机器人技术（不仅包括汽车领域，更广泛应用于工业物联网）。NVIDIA's management shows high confidence in the sustained strong demand for AI chips, with the company currently receiving about 3.6 million orders for Blackwell GPU units. At the same time, management expects the company's gross margin to increase to 75% in the future.
At the highly anticipated GTC conference on Wednesday, NVIDIA CEO Jensen Huang engaged in an exciting communication with the company's management team, Wall Street investors, and Analysts after delivering the keynote speech.
Deutsche Bank and Citibank concluded after participating in this Q&A that NVIDIA's management has great confidence in the sustained strong demand for AI chips. The company has currently received orders for approximately 3.6 million Blackwell GPU units, highlighting the strong market demand. At the same time, management expects the company's gross margin to increase to 75% in the future.
Datacenters and AI factories are on the rise, with strong demand for AI remaining.
Jensen Huang reiterated that he believes the demand for AI will not only remain strong but will also broadly expand across application domains. He specifically noted the ongoing investments from Cloud Computing Service providers (CSPs), as well as another significant yet less discussed driving factor: enterprise IT modernization (which accounts for about half of Global IT spending) and robotics technology (which applies not only to the Autos sector but more broadly to the Industrial Internet of Things).
As the world rapidly shifts from general computing to AI-accelerated platforms, NVIDIA's management is confident about the company's prospects in the datacenter market. They believe that as AI applications become widespread, demand for datacenters will significantly increase, and NVIDIA will capture a larger share of this market due to its advantages in GPU technology and AI solutions.
In addition, management pointed out that current Industry forecasts for datacenter capital expenditures may underestimate the potential investment scale of AI factories. In the future, with the construction of AI factories, trillions of dollars are expected to be invested in this field, which will provide NVIDIA with immense market opportunities.
The demand for inference will far exceed the demand for training.
Inference is a key step in AI applications, requiring a significant amount of computing resources and efficient software support. The management indicated that as AI applications continue to proliferate, the demand for inference will far exceed that for training, while the current number of Computers used for inference is far from sufficient.
According to the management, NVIDIA's Dynamo platform can perform large-scale inference operations to meet the needs of AI applications in actual deployment.
The order volume is astonishing, with strong demand for the Blackwell series.
The management clarified an Indicator discussed in yesterday's keynote, emphasizing that approximately 1.3 million Hopper units and about 3.6 million Blackwell units have been shipped. They pointed out that these Blackwell numbers reflect total Order volume (not shipment volume), highlighting the strong market demand in the face of ongoing concerns since the DeepSeek announcement.
With the increase in output and reduction in costs, the gross margin for Blackwell is expected to improve further. In addition, the management also anticipates that future AI factories will be developed independently from CSP on a large scale, which will further drive the growth in demand for Blackwell.
Geopolitical impacts are limited.
The company responded positively to questions about geopolitics, stating that they do not believe tariffs will significantly impact any part of their Business. They believe that if the USA economy enters a recession, investments will increasingly shift toward the AI sector, as it is the fastest-growing area. Regarding the tariff issue, the management mentioned that the impact is limited in the short term, and the company is already preparing for domestic manufacturing (such as the Taiwan Semiconductor Arizona factory) to address potential supply chain issues.
The gross margin is expected to rise to 75% level and maintain stability in the long term.
Management expresses strong confidence in the future gross margin, expecting to achieve around 75% gross margin level within a year (compared to the current low of 70%). More importantly, they believe that the long-term gross margin will remain more stable, with the new generation of products after Blackwell benefiting from the learning curve improvements that the company has already achieved in rack-level solutions.
Editor/lambor
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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