Bloomberg：英伟达财报前瞻与AI基建生态分析

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the Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg data. Let's take a look now at some stocks making news in the week ahead. I'm Nathan Hager joined by Bloomberg Intelligence global head of tech research Mandeep Singh because we have some major tech earnings coming up this week including the big one from Nvidia. Is Nvidia still the big one Mandep when it comes to the AI trade and earnings?

Absolutely. I mean if there's uh you know one company that really has carried through uh the mantle when it comes to this AI buildout, it is Nvidia. and uh it shows up in their numbers when you look at you know growth expectations of close to mid 90% and actually their revenue seems to be accelerating. So it just goes to show that uh you know this company with over a $350 billion run right now is really executing very well and it is at the front and center of this big AI infrastructure buildout.

It's incredible the run that Nvidia has had literally for years now. And just now this latest announcement of a 105 billion dollar data center investment in Ohio for open AI. Um it just speaks to uh so much of the uh outperformance that we've seen for Nvidia for quite some time and and I guess the question still of you know whether circular investment is still an issue for this company. Is it for you? Well, so the thing that has changed with Nvidia now versus a couple of years back is it's got a really strong balance sheet with ton of cash to invest.

And so what it is doing now is with these big data center deals, it is helping uh you know the likes of OpenAI and Enthropic and other companies Neoclouds finance this build out where if they want to set up a data center, Nvidia will be that backs stop in terms of filling in some of the investment requirements and then helping these labs raise funding from private capital and other sources. is but Nvidia is really flexing its balance sheet in terms of making sure there is a robust ecosystem around it and all of them are able to raise financing because that's the hard thing now as these numbers get bigger and bigger not every company will be able to raise financing for 100 billion dollar data center so that's where Nvidia comes in and kind of uh helps uh and and be that back stop and Google is doing the same thing by the way so all these these major uh players uh uh who are training the models are uh kind of using their balance sheet in an effective way to prop up the ecosystem around that.

Okay, so we're definitely looking forward to those earnings results from Nvidia on Wednesday. We're also going to hear from Crowd Strike, the uh cyber security firm. A lot of debate about this company's valuation heading into the print. How do you see it? I would agree that they have been a beneficiary of uh you know the entropic mythos release and all the kind of anxiety around uh every company being at risk of a cyber attack because uh mythos exposed all the vulnerabilities but to my mind crowd strike hasn't really shown that in their numbers they're still growing top line at mid 20% which is healthy but nothing like what you know we talked about Nvidia growing at mid 90% and uh you know some of the other companies in the chip space are growing triple digits.

So mid 20% growth for a company of crowd strike size doesn't seem that impressive and it's already trading at a very premium valuation multiple. So from that perspective the expectations are higher but maybe they come out and talk about you know how uh all the enterprises have started increasing their cyber security spend post mythos and that will be a good narrative I think that may help the stock sentiment

and before we hear from Crowdstrike and Nvidia on Tuesday we're going to get earnings from Marll technologies off the back of their announcement of a 12.2 billion share purchase deal with Google. What's that say about where Marll is in the chip race?

I mean all these chip companies I think have really benefited in a big way from uh you know the capex increases that we keep hearing about and Marvel is exposed to all the custom silicon development and and now they are partnering with Google. Earlier they were predominantly working with Amazon. So the fact that Google is working with Broadcom and now they are working with Marll to expand their TPU uh kind of unit shipments suggests to me that uh you know Marvel will see accelerating topline as well and and they have more customers now than they had previously and Google is obviously a big customer.

I was a little surprised with the stock warrant aspect of this deal like why they had to give that but we've seen uh that uh kind of uh you know deal with between AMD and Meta and AMD and Open AAI. So it's not that unusual these days to you know give warrants uh if if you have a big customer lined up. The Stock Movers Report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street.

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