External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Nvidia (NVDA US, NR) announced 3QFY25 results on 21 Nov (HKT).</li><li>Quarterly revenue was US$35.1bn, up 93.6% YoY and 16.8% QoQ (vs. 17.8%/15.3% QoQ in 1Q/2Q).</li><li>Revenue beat guidance (US$32.5bn) by 7.9% and Bloomberg consensus (US$33.3bn) by 5.5%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nvidia (NVDA US, NR) announced 3QFY25 results on 21 Nov (HKT).Quarterly revenue was US$35.1bn, up 93.6% YoY and 16.8% QoQ (vs. 17.8%/15.3% QoQ in 1Q/2Q).Revenue beat guidance (US$32.5bn) by 7.9% and Bloomberg consensus (US$33.3bn) by 5.5%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors - Nvidia’s 3Q Earnings Takeaway: Strong Demand for Blackwell Well into Next Year

<ul><li>Nvidia (NVDA US, NR) announced 2QFY25 results. Quarterly revenue was US$30.0bn, up 122.4% YoY and 15.3% QoQ (vs. 17.8%/22.0% QoQ in 1QFY25/4QFY24).</li><li>Revenue beat guidance (US$28.0bn) by 7.3% and Bloomberg consensus (US$28.9bn) by 4.1%.</li><li>Non-GAAP GPM was 75.7% in 2QFY25 (down 3.2% QoQ), slightly above guidance (75.5%) and BBG estimates (75.5%). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nvidia (NVDA US, NR) announced 2QFY25 results. Quarterly revenue was US$30.0bn, up 122.4% YoY and 15.3% QoQ (vs. 17.8%/22.0% QoQ in 1QFY25/4QFY24).Revenue beat guidance (US$28.0bn) by 7.3% and Bloomberg consensus (US$28.9bn) by 4.1%.Non-GAAP GPM was 75.7% in 2QFY25 (down 3.2% QoQ), slightly above guidance (75.5%) and BBG estimates (75.5%). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors - A Strong Beat-And-Raise Quarter; Eyes on Blackwell Shipment and Margin

<ul><li>Nvidia hosted GTC 2024 this morning, showcasing its latest developments in various sectors, including healthcare, auto, and quantum computing, along with the introduction of the most powerful GPU architecture named Blackwell, featuring 208bn transistors and using a 4nm process from TSMC.</li><li>The Blackwell GPU consists of two reticle-sized chips, each with 104bn transistors, connected by NVLink 5.0 interconnects that join them seamlessly.</li><li>The first Blackwell chip is called GB200 and is planned for shipment later in 2024. When comparing to its predecessor, H100, as well as competing products from AMD, Intel, and others, the new Blackwell GPU accelerators are poised to offer a huge upgrade for AI companies.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nvidia hosted GTC 2024 this morning, showcasing its latest developments in various sectors, including healthcare, auto, and quantum computing, along with the introduction of the most powerful GPU architecture named Blackwell, featuring 208bn transistors and using a 4nm process from TSMC.The Blackwell GPU consists of two reticle-sized chips, each with 104bn transistors, connected by NVLink 5.0 interconnects that join them seamlessly.The first Blackwell chip is called GB200 and is planned for shipment later in 2024. When comparing to its predecessor, H100, as well as competing products from AMD, Intel, and others, the new Blackwell GPU accelerators are poised to offer a huge upgrade for AI companies.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Nvidia’s share price rose in after-hours trading post earnings.</li><li>Q4 revenue was US$22.1bn, up 265% YoY and 22% QoQ, exceeding company’s guidance of US$20bn by 10% and beating Bloomberg consensus by 8%.</li><li>GPM was 76%, steadily increasing from 74% during the previous quarter and 63.3% from FY4Q23. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nvidia’s share price rose in after-hours trading post earnings.Q4 revenue was US$22.1bn, up 265% YoY and 22% QoQ, exceeding company’s guidance of US$20bn by 10% and beating Bloomberg consensus by 8%.GPM was 76%, steadily increasing from 74% during the previous quarter and 63.3% from FY4Q23. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thematic (Sector/Industry)

<ul><li>On 10 October 2024, AMD (AMD US, NR) launched its latest AI accelerator, the Instinct MI325X, aimed at competing directly with H200 from Nvidia (NVDA US, NR) that will ship by 4Q24.</li><li>AMD also introduced MI350 that targets Nvidia’s Blackwell series during the event, but MI350 will not enter mass production until 2H25. Lisa Su, the CEO of AMD, projected the data center AI accelerator TAM to grow at 60%+ CAGR, reaching US$500bn by 2028, a significant increase from prior estimates (US$400bn by 2027E in early-2024).</li><li>The event did not offer too much surprise to investors. Some details we noticed include: 1) Meta Llama 405B model now runs exclusively on MI300X for all live traffic. This implies AMD gains better traction at Meta. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

On 10 October 2024, AMD (AMD US, NR) launched its latest AI accelerator, the Instinct MI325X, aimed at competing directly with H200 from Nvidia (NVDA US, NR) that will ship by 4Q24.AMD also introduced MI350 that targets Nvidia’s Blackwell series during the event, but MI350 will not enter mass production until 2H25. Lisa Su, the CEO of AMD, projected the data center AI accelerator TAM to grow at 60%+ CAGR, reaching US$500bn by 2028, a significant increase from prior estimates (US$400bn by 2027E in early-2024).The event did not offer too much surprise to investors. Some details we noticed include: 1) Meta Llama 405B model now runs exclusively on MI300X for all live traffic. This implies AMD gains better traction at Meta. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors - AMD “Advancing AI” event

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

Semiconductors - Nvidia’s 3Q Earnings Takeaway: Strong Demand for Blackwell Well into Next Year

Nvidia (NVDA US, NR) announced 3QFY25 results on 21 Nov (HKT). Quarterly revenue was US$35.1bn, up 93.6% YoY and 16.8% QoQ (vs. 17.8%/15.3% QoQ in...

CMB International

Semiconductors - A Strong Beat-And-Raise Quarter; Eyes on Blackwell Shipment and Margin

Nvidia (NVDA US, NR) announced 2QFY25 results. Quarterly revenue was US$30.0bn, up 122.4% YoY and 15.3% QoQ (vs. 17.8%/22.0% QoQ in 1QFY25/4QFY24).

CMB International

Semi - Nvidia GTC 2024: A Quick Take

Nvidia hosted GTC 2024 this morning, showcasing its latest developments in various sectors, including healthcare, auto, and quantum computing

CMB International

Semi - Nvidia Continues to Impress

Q4 revenue was US$22.1bn, up 265% YoY and 22% QoQ, exceeding company’s guidance of US$20bn by 10% and beating Bloomberg consensus by 8%.

CMB International

Semiconductors - AMD “Advancing AI” event

On 10 October 2024, AMD (AMD US, NR) launched its latest AI accelerator, the Instinct MI325X, aimed at competing directly with H200 from Nvidia...

CMB International

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