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Nvidia Enjoys Broad-Based Growth in Q2 Led by Gaming and Data Center Segments; No Change to FVE

Abhinav Davuluri, CFA Sector Strategist

Analyst Note

| Abhinav Davuluri, CFA |

Wide-moat Nvidia reported remarkable second-quarter results with revenue ahead of management’s guidance. During the quarter, Nvidia benefited from cryptocurrency mining demand, including crypto mining processor, or CMP, sales of $266 million. We note this is lower than management’s CMP forecast of $400 million. CFO Colette Kress admitted the contribution of crypto to gaming revenue is difficult to quantify, whereas CMP sales are recorded in the OEM segment. In the third quarter, Kress expects minimal CMP sales, which we attribute to weaker crypto prices and the introduction of custom ASICs to mine Ethereum.

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Company Profile

Business Description

Nvidia is the leading designer of graphics processing units that enhance the experience on computing platforms. The firm's chips are used in a variety of end markets, including high-end PCs for gaming, data centers, and automotive infotainment systems. In recent years, the firm has broadened its focus from traditional PC graphics applications such as gaming to more complex and favorable opportunities, including artificial intelligence and autonomous driving, which leverage the high-performance capabilities of the firm's graphics processing units.

2788 San Tomas Expressway
Santa Clara, CA, 95051
T +1 408 486-2000
Sector Technology
Industry Semiconductors
Most Recent Earnings Jul 31, 2021
Fiscal Year End Jan 30, 2022
Stock Type Cyclical
Employees 18,975