1、CrispIdea|R E S E A R C HNvidia CorporationCompany NameNVIDIA CorpTickerNVDA.OFY2026Q1Stock RatingBUYUnchangedIndustry ViewOverweightUnchanged12-Mo Price Target175.00UpgradedCMP(Jun 27,2025)157.75Potential Upside11%Market Cap(USD bn)3,782.5Shares O/S(Mn)24,400.052 Week High156.71552 Week Low86.6Avg

2、Volume(3M)249,955,724Avg Volume(10 days)187,904,478P/E(ttm)49.9P/S(ttm)25.5P/B(mrq)45.1Forward P/E31.7IBES EPS(ttm)3.34Profit Margin(TTM)55.90%Operating Margin(TTM)62.61%Revenue(TTM in Mn)130,497Revenue per Share(TTM)5.3Qtrly Rev Growth(yoy)78%Gross Profit(TTM in Mn)98,459EBITDA(TTM in Mn)83,918Net

3、Income(TTM Mn)72,880Qtrly Earnings YoY81.53%Technology Sector Research TeamDeepkumar Shah-Semiconductor,CPE&FintechResearch AShejal Ajmera,Head of RE Q U I T Y R E S E A R C H Technology|Semiconductor|Jul 04,2025Nvidia CorporationLeads the AI gold rush but global politics loomWe maintain our“BUY”rat

4、ing for NVIDIA Corp.with an upgraded TP from$130 to$175 for FY27,based on forecasted Non-GAAP EPS of$5.82 for FY27,along with a P/E of 30.08x and EV/EBITDA of 24.53x for FY27.This provides an upside potential of 11%over the CMP of$157.75.Record Growth Fueled by AI Demand:NVIDIA delivered exceptional

5、 financial performance in Q1 FY26,reporting$44bn in revenue,a 69%year-over-year increase,surpassing expectations despite export-related headwinds.The Data Center segment surged 73%YoY to$39bn,driven by massive AI demand from hyperscalers like Microsoft and OpenAI.Gaming revenue reached a record$3.8b

6、n,up 48%sequentially,while networking revenue jumped 64%quarter-over-quarter to$5bn,reflecting strong infrastructure investment.The rapid ramp-up of the Blackwell architecture has been central to this growth,now accounting for approximately 70%of Data Center compute revenue.Major hyperscalers are de