Episode summary
Instant Reaction: Nvidia’s Upbeat Sales Forecast Shows AI Boom Remains Strong | Bloomberg...
Bloomberg Surveillance
· · 29 min · Hosts: Carol Massar, Tim Stenovec, Ed Ludlow, Tom Keene, Paul Sweeney, Lisa Mateo, Michael Barr · Guests: Jay Goldberg, Mandeep Singh, Anurag Rana
Summary
Nvidia delivered a stronger-than-expected fiscal fourth quarter and raised its fiscal first-quarter sales outlook to about $78 billion, reinforcing the view that AI infrastructure spending is still accelerating. The company reported fourth-quarter revenue of $68.1 billion, data center revenue of $62.3 billion, and adjusted gross margin of 75.2%, while guiding first-quarter revenue to $76.44 billion to $79.56 billion, above consensus. The hosts and analysts said the key message was not just a beat, but that demand is still outrunning supply and that Nvidia is now selling more complete systems, not just chips.
The discussion focused on whether Nvidia’s margins can stay elevated even as memory costs rise and whether the company can keep capturing pricing power as it expands beyond hyperscalers. One analyst said the quarter confirmed strong demand and argued that Nvidia can pass through higher memory costs, while another emphasized that the company’s outlook excluded China compute revenue, leaving room for additional upside if shipments resume. The conversation also highlighted Nvidia’s comment that hyperscalers accounted for just over 50% of data center revenue, a sign that the customer base is broadening.
The broader market read-through was bullish for semis, with shares of Broadcom, TSMC, and Micron moving higher alongside Nvidia. The analysts also framed the print as a positive signal for the entire AI capex cycle, while saying the most important near-term question is how the product mix shifts from Blackwell to Vera Rubin and how long the current AI buildout can keep compounding.
Key takeaways
- The host said Nvidia’s first-quarter revenue guide of $76.44 billion to $79.56 billion easily beat the street estimate of $72.78 billion.
- An analyst said Nvidia’s 75.2% adjusted gross margin suggests the company is absorbing memory costs or passing them through to customers.
- The host said Nvidia disclosed that hyperscalers were just over 50% of fourth-quarter data center revenue, showing the customer mix is broadening.
- One analyst said the outlook excludes China compute revenue, so any future China sales would be incremental upside.
- Another analyst said the print supports the case that AI capex remains strong and should keep benefiting the wider semiconductor ecosystem.
Notable quotes
“the company saying for the first quarter sees revenue of 76.44 billion to 79.56 billion”
“Nvidia saying computing demand is growing exponentially”
“Hyperscalers were just over 50% of fourth quarter data center revenue”
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This is a breaking news update from Bloomberg. Instant reaction and analysis from our 3,000 journalists and analysts around the world. — Let's go to actually the outlook. First quarter revenue forecast beating estimates. Uh the company saying for the first quarter sees revenue of 76.44 billion to 79.56 billion. That is easily above the street estimate of 72.78 million. Let's go back to the fourth quarter. Data center revenue that coming in better than expected 62.3 billion versus the street estimate of 60.36 billion.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- nvidia sales forecast
- ai compute demand
- semiconductor earnings
- ai investment bubble concerns
- after-hours stock move
Companies and tickers mentioned
- NVDA
- Nvidia
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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