$英伟达(NVDA)$Nvidia data-center sales expected to surpass gaming for first time

Nvidia数据中心销量有望首次超过游戏

Dow Jones

2020-08-15 02:59

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MW Nvidia data-center sales expected to surpass gaming for first time

兆瓦Nvidia数据中心销售额有望首次超过游戏

By Wallace Witkowski, MarketWatch

作者:Wallace Witkowski，MarketWatch

Big data-center sales boost follows release of new Ampere GPUs

新安培GPU发布后大数据中心销售增长

Nvidia Corp.'s upcoming earnings report promises to usher in an era of firsts for the chip company, the most significant being formally shedding its past reputation as being primarily a gaming card company and fully embracing its role in shaping data centers.

英伟达公司（Nvidia Corp.）即将发布的收益报告承诺将为这家芯片公司开创一个第一的时代，其中最重要的是正式摆脱过去主要是一家游戏卡公司的名声，全面投入到塑造数据中心的角色中。

Nvidia $(NVDA)$ is scheduled to report second-quarter earnings after the bell on Wednesday.

英伟达公司(NVDA)$定于周三盘后公布第二季度财报。

The quarter will be the first to capture sales of Nvidia's new data-center products like its A100 graphics-processing unit, that represent the first line of chips sporting a new GPU architecture that Nvidia dubs "Ampere."

Nvidia的新数据中心产品，如A100图形处理器，将在本季度率先实现销售。A100图形处理器是第一批采用新GPU架构的芯片，Nvidia将其命名为“安培”。

Read: Nvidia unveils Ampere GPU architecture for AI boost, and the first target is coronavirus

阅读:英伟达推出AI boost的安培GPU架构，首当其冲的目标是冠状病毒

That coincides with a crucial shift in balance regarding Nvidia's business segments. Up until now, Nvidia's gaming segment has always been its largest source of revenue, but that's expected to have changed significantly with the second quarter.

这与NVIDIA各业务部门的平衡发生了重大转变不谋而合。到目前为止，NVIDIA的游戏业务一直是其最大的收入来源，但预计第二季度这一情况将发生重大变化。

While Nvidia's data-center sales topped $1 billion for the first time in the first quarter of 2020, they still lagged behind gaming sales of $1.34 billion. For the second quarter, analysts expect data-center sales of $1.72 billion, compared with gaming sales of $1.4 billion.

虽然英伟达数据中心的销售额在2020年第一季度首次突破10亿美元，但仍落后于13.4亿美元的游戏销售额。分析师预计，第二季度数据中心的销售额为17.2亿美元，游戏销售额为14亿美元。

Also, back in July, Nvidia surpassed Intel Corp as the largest U.S. chip company by market capitalization, so this will be the company first earnings report in that position.

此外，早在7月，英伟达就超过英特尔公司，成为美国市值最大的芯片公司，因此这将是该公司首次公布这一地位的收益报告。

What to expect

期待什么

Earnings: Of the 34 analysts surveyed by FactSet, Nvidia on average is expected to post adjusted earnings of $1.98 a share, up from the $1.77 a share expected at the beginning of the quarter.

盈利:在接受FactSet调查的34位分析师中，平均预计英伟达调整后每股盈利为1.98美元，高于当季初预期的每股1.77美元。

Revenue: Wall Street expects revenue of $3.65 billion from Nvidia, according to 32 analysts polled by FactSet. That's up from the $3.11 billion forecast at the beginning of the quarter. Nvidia predicted revenue of $3.58 billion to $3.72 billion. Estimize, a software platform that uses crowdsourcing from hedge-fund executives, brokerages, buy-side analysts and others, expects revenue of $3.7 billion.

营收:根据FactSet调查的32位分析师，华尔街预计Nvidia的营收为36.5亿美元。这一数字高于本季度初的31.1亿美元预期。英伟达预计营收为35.8亿美元至37.2亿美元。Estimize是一个软件平台，它使用来自对冲基金高管，经纪公司，买方分析师和其他人的众包，预计营收为37亿美元。

Stock movement: Over the second quarter, Nvidia shares surged 44%, while the PHLX Semiconductor Index gained 32%, the S&P 500 index rose 20%, and the Nasdaq Composite Index advanced 31%.

股票走势:第二季度，Nvidia股价飙升44%，PHLX半导体指数上涨32%，标准普尔500指数上涨20%，纳斯达克综合指数上涨31%。

What analysts are saying

分析家们在说什么

Ahead of earnings, Wedbush analyst Matt Bryson, who has an outperform rating, hiked his price target to $500 from $420, and said he expects "only good news" from Nvidia.

Wedbush分析师Matt Bryson将目标股价从420美元上调至500美元，并表示他预计NVIDIA“只有好消息”。

Bryson expects gaming trends picked up substantially over the quarter and to continue into the third quarter. In data center, Bryson said his checks suggested that demand for Nvidia GPUs exceeded supply. As a result, "that should yield a strong outlook" for the third quarter and offset any potential weakness for Mellanox network interface cards, he said.

Bryson预计，该季度博彩业的趋势将大幅回升，并将持续到第三季度。在数据中心，Bryson说，他的检查显示，对Nvidia GPU的需求超过了供应。因此，“这将为第三季度带来强劲的前景”，并抵消Mellanox网络接口卡的任何潜在疲软，他说。

Raymond James analyst Chris Caso, who has an outperform rating, recently raised his price target to $500 from $370.

Raymond James分析师Chris Caso最近将目标价从370美元上调至500美元。

"While the stock has had a good run, we consider NVDA to have among the strongest product cycles in semis, given the continued ramp of Ampere for datacenter, and the upcoming ramp of the new gaming chip, for which it appears the launch will occur on Aug 31," Caso said.

Caso说:“虽然股票运行良好，但我们认为NVDA的产品周期是半个月以来最强劲的，因为数据中心的安培持续上升，而且新游戏芯片即将出现上升，这款芯片似乎将于8月31号上市。”

Caso also expects a big third quarter for data-center sales as "we expect that October is likely to be stronger given strong pent-up demand for Ampere."

Caso还预计第三季度数据中心销售额将大幅增长，因为“我们预计10月份的数据中心销售额可能会更高，因为对安培的需求被压抑得很强。”

Cowen analyst Matthew Ramsay, who has an outperform rating and a $475 price target, said he expects Ampere to drive Nvidia's dominance in gaming and data-center for a while.

Cowen分析师Matthew Ramsay对NVIDIA的评级超过大盘，目标价为475美元，他预计安培将在一段时间内推动NVIDIA在游戏和数据中心领域的主导地位。

"We see this continuing not just through F'21/22, but long-term as Nvidia capitalizes on its accelerated computing hardware strength, the broad/mature programming environment, and vertical-specific software ecosystems," Ramsay said.

拉姆齐说:“我们认为这种情况不仅会在F'21/22期间持续下去，而且会在Nvidia利用其加速的计算硬件实力，广泛/成熟的编程环境和垂直特定的软件生态系统后长期持续下去。”

Of the 40 analysts who cover Nvidia, 32 have buy or overweight ratings, six have hold ratings and two have sell or underweight ratings, with an average price target of $419.23, according to FactSet data.

根据FactSet的数据，在负责Nvidia业务的40位分析师中，32位分析师的评级为买入或跑赢大盘，6位分析师的评级为持有，2位分析师的评级为卖出或跑输大盘，平均目标价为419.23美元。

-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com

--华莱士·维特科夫斯基；415-439-6400；asknewswires@dowjones.com

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August 14, 2020 14:59 ET (18:59 GMT)

2020年8月14日14:59美国东部时间（18:59格林尼治标准时间）

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