First, whether NVIDIA can maintain its strong technological edge. Before the earnings call, industry insiders already knew that Jensen Huang’s highly anticipated Blackwell chip was facing production "delays." Huang had confidently stated during the Q1 earnings call that Blackwell would significantly contribute to the company’s revenue this year. However, on the day of the Q2 earnings report, CFO Colette Kress acknowledged production issues with Blackwell, indicating that the company is working on design improvements to boost output, with shipments now postponed to the fourth fiscal quarter. This has raised significant concerns about NVIDIA’s future growth.
Second, whether big tech companies can truly profit from AI to sustain this ongoing boom. This is crucial because the level of investment from major tech firms in AI is enormous. While it hasn't reached the extremes of the 2000 dot-com bubble, it still poses a considerable risk. The market was looking to NVIDIA's earnings report to see if their customers are actually making tangible profits from their AI investments.
Jensen Huang didn’t directly address either of these concerns. Instead, to calm shareholders, he approved an additional $50 billion stock buyback. What does this indicate? It suggests that a crisis is already looming.
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