Reward 500 Tiger-coins$NVIDIA(NVDA)$ has been setting new highs preearnings.
Goldman's buy call. Goldman expects a "beat-and-raise" quarter but explicitly flags: the bar for outperformance is very high after positive supply chain signals from TSMC and SK Hynix have already elevated consensus.
Q2 Preview: GS estimates revenue $87.7B (vs Street $85.1B, +3%), Data Center $82.1B (+4%).
Two Signals the Market Hasn't Fully Priced
① $1 Trillion Data Center Revenue Visibility
Blackwell + Rubin platform revenue runway. Goldman raised FY27/28 EPS to $9.35 / $14.80 — 14% / 34% above Street. FY29 EPS: $18.75, +42% above consensus. This isn't a small revision — it's a systematic repricing of NVIDIA's long-term earnings power.
② Agentic AI Creates a New CPU Demand Curve
NVIDIA's CPU-only rack is expected to begin shipping in 2H26 — a business that's been almost entirely unpriced by the market. As AI shifts from training to agentic inference, CPU scheduling demand is surging. NVIDIA is no longer just a GPU company. Add in accelerating demand from OpenAI, Anthropic, and sovereign AI customers, and the addressable market is being redefined.
Is the Valuation Actually Expensive?
$NVDA$'s current NTM P/E trades at roughly a 10x discount to its 3-year median of 32x. Its premium vs. peers like $AVGO$, $AMD$, $MRVL$ is near historical lows.
Goldman's take: the market is still valuing NVIDIA as a semiconductor cyclical, not as an AI infrastructure platform. The multiple hasn't caught up to the story.
What to Watch Post-Earnings
- Data Center at $74B+ with strong Q2 guidance
- Rubin platform delivery timeline and customer feedback
- First CPU-only rack order volumes
- Non-hyperscaler demand (sovereign AI, Anthropic, OpenAI)
🎯 How Are You Positioned Into NVIDIA Earnings?
Is market underpricing NVIDIA's long-term earnings, or is Goldman too aggressive?
How often does NVDA's beat-and-raise quarter end in "sell the news"?
NVIDIA entering the CPU market with Agentic AI racks — direct competition with $Advanced Micro Devices(AMD)$ and $Intel(INTC)$ . Is that incremental optionality or a distraction from the core GPU story?
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Comments
What interests me most is the Agentic AI angle and NVIDIA entering the CPU market. I see it as ecosystem expansion rather than a distraction. If AI agents drive massive inference and scheduling workloads, CPUs become strategically important too. That could pressure AMD and Intel while strengthening NVIDIA’s moat with Blackwell and Rubin.
That said, I still expect volatility after earnings because expectations are extremely high. Even strong beat-and-raise quarters can trigger “sell the news” reactions. For me, the key is whether management continues raising long-term AI demand visibility from hyperscalers, sovereign AI, OpenAI, and Anthropic.
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Goldman's take: the market is still valuing NVIDIA as a semiconductor cyclical, not as an AI infrastructure platform. The multiple hasn't caught up to the story.
Goldman's buy call. Goldman expects a "beat-and-raise" quarter but explicitly flags: the bar for outperformance is very high after positive supply chain signals from TSMC and SK Hynix have already elevated consensus.