Nvidia Roadshow: Quarterly Revenue Near $100B, Growth Accelerating, Rubin Ultra On Track

Source: 华尔街见闻 | 2026-07-12

Morgan Stanley NDR: Nvidia Signals Accelerating Growth

At a Morgan Stanley Non-Deal Roadshow in California, Nvidia CEO Jensen Huang, CFO Colette Kress, and Investor Relations head Toshiya Hari personally met with institutional investors. The core message was clear: growth is not peaking, it is accelerating. Even as quarterly revenue approaches $100 billion, the company expects growth rates to continue increasing, a narrative appealing to both value and growth investors.

Rubin Ultra Not Delayed: Nvidia Confirms 2027 Timeline

Prior to the roadshow, market rumors circulated that Rubin Ultra might be delayed to 2028. Jensen Huang directly denied this at the meeting. Analyst Joseph Moore confirmed that Rubin Ultra is still scheduled for next year. While some rack design adjustments were made, replacing the original Kyber rack with a better solution, this represents system architecture optimization rather than a timeline change. The 800V power supply and inter-rack optical interconnect remain on schedule.

AI Lab Client Shift: ASIC-to-GPU Migration

The most closely watched detail from the roadshow involves changes in AI lab clientele. AI labs currently account for about 20% of total demand. Notably, a representative frontier model developer that previously relied primarily on ASICs has now shifted to nearly 50% Nvidia GPU usage. While not named directly, market consensus points to Anthropic, backed by Amazon's Trainium chips. This directly addresses concerns about cloud providers' custom ASICs eating into Nvidia's market share.

Diversified Growth: Three Revenue Streams

Analysts identified three growth lines: First, AI labs (~20% of demand) with increasing GPU adoption. Second, traditional hyperscalers (~50% of revenue) including Microsoft, Meta, Amazon, and Google, where revenue is expanding from GPUs to CPUs and networking equipment. Third, new AI clouds, sovereign AI, and enterprise customers, where growth may exceed traditional hyperscalers due to demand for integrated AI infrastructure solutions.

CPU and Networking: Expanding Total Addressable Market

Nvidia reiterated its CPU business target of approximately $20 billion this fiscal year, with nearly half potentially coming from standalone CPU racks. The Vera CPU is designed for single-threaded workloads with larger die areas and fewer cores, optimized for AI scenarios. Networking business is also expanding Nvidia's revenue boundary as larger AI clusters require more sophisticated GPU interconnect solutions.

Investment Implications and Crypto Market Connection

Morgan Stanley maintains an Overweight rating with a $288 price target, representing approximately 42% upside. For crypto investors, Nvidia's sustained growth signals continued AI infrastructure spending, which benefits AI-related crypto tokens and GPU mining operations. Weex exchange offers trading in AI-focused cryptocurrencies with competitive fees and leverage options.