Nvidia revenue is expected to return to growth as its largest segment, Data Center, expands at
about a 20% annualized rate the next few years and Gaming, its second-largest, returns to growth
amid a recovery in China and inventory normalization. Secular tailwinds from the growing demand
for AI, especially in Servers, will be Nvidia's primary growth driver in hardware and software
revenue. Auto, although at a relatively small scale (about $900 million), should increase much
faster (above 30% annually), with new OEM gains in 2024 and 2025. Margins could return to peak
levels after recently dropping due to Gaming & PC inventory issues.
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