We believe AMD is setting realistic product development goals that can be achieved with a well contained R&D budget through its Seattle part, a server processor that is sampling to customers now and features 8 individual CPU cores, based on the ”A57” ARM CPU designis. AMD’s roadmap states that, in 2016 and beyond, AMD will focus on developing 64-bit ARM cores alongside new 64-bit x86 cores. AMD stated that its K12 products should provide a huge addition to the company’s semicustom portfolio.
- David Wong of Wells Fargo


紅海無邊，回頭是岸？繼AMD轉風轉舵後，nVidia航向大逆轉，朝車載與企業應用馬力全開，脫離噬利旋渦。

nVidia截至四月的上季財報：
GPU營收8.98億鎂，年增14%、季減5%。
Tegra處理器營收1.39億鎂，年增35%、季增6%。

　　Our 16% revenue growth, year over year, faster than the overall chip market, The net income grew even faster, rising 46%. We've been consistent in its investment, with op-ex of about $400 million per quarter.
　　The quarter “benefited from gains in PC gaming and our continued progress in the data center and cloud. Almost 600 enterprises “are now evaluating GRID, our virtual GPU server platform. And with IBM, Dell and HP now selling our GPUs in their high-volume servers, we expect large-scale data centers to be a significant source of growth.
　　In phones, it is really Qualcomm and MediaTek. We’re not really competing with them so much anymore. Look at the two areas where we are. Automotive, where we have a ten-year lead; and TK1 [Tegra K1] for gaming, Android gaming. Those are the two areas where making a telephone call is not that important. As we continue to sell the best processors on the planet — and we do make the best processors on the planet — and continue to ramp our volumes, we should see the benefit of that play out. Our business model and our product strategy is radically different from the other companies in the industry.
　　Nvidia is “no longer a chip company. Well, we’re less of a chip company than we have been, even though we still make the best chips. The next milestone for Nvidia is to ship Tegra K1.
- Jen-Hsun Huang, CEO of nVidia


Nvidia's sequential decline in the GPU business was due to continued strength in GeForce GTX GPU sales for the gaming segment offset by seasonal decline in desktop market. The sequential growth in Tegra was driven primarily by increased volumes for auto infotainment systems and embedded devices [...] Though we continue to question Nvidia’s longer-term secular growth potential, the company is achieving sales that are above our estimates.
- David Wong of Wells Fargo

We are encouraged by the continued traction Nvidia is experiencing with its GPUs in data center and HPC markets. We expect accelerated revenue growth from these higher gross margin products in 2HF15. Management’s expectations are for Tegra and professional GPU revenues to increase sequentially offset by the seasonal decline in PC GPU revenues. This product mix results in a sequential decline in gross margin. [...] Management also highlighted continued momentum in driving GPUs into enterprise and data centers, with Nvidia GRID available in more than 50 server platforms from 18 OEMs or ODMs, and over 600 GRID field trials underway.
- Kevin Cassidy with Stifle Nicolaus

NVIDIA's no-drama earnings came up with expected persistent seasonal PC patterns, share gains in GPUs, Tegra/mobile growth, and the emergence of datacenter growth (GRID + Tesla). After over a year of 100s of trials, GRID (GPUs in the datacenter) is set to be a big driver for NVIDIA over the next several quarters, if not an outright industry disruptor with virtually no competition and a TAM in the billions of dollars. With conventional bear themes – such as PC attach rates (rendered less relevant) and Tegra shifting focus away from the crowded mid- to low-end of the smartphone market – expectations going forward are as balanced as we’ve seen in years.
- Hans Mosesmann at Raymond James

Near-term, we expect growth in professional workstation graphics, Tesla high-performance computing, and GRID graphics cloud virtualization for virtual desktop applications, We also expect growth in Tegra platforms for high-end smartphones, tablets, gaming and automotive/embedded to offset seasonal decline in PC graphics revenues. New product cycles in high end gaming PC graphics, Project Shield portable Android/PC gaming console revenues, enterprise professional graphics, virtual graphics with GRID computing/cloud appliances, and next-gen Tegra K1 smartphone/mobile ramp in 2014 for super-phones, gaming consoles, high-end set top box and smart TVs, and smart automotive applications are positive long term drivers.
- Krishna Shankar of Roth Capital Partners

　　We continue to recommend buying the stock on:
　　1) the rising contribution of GPU virtualization, automotive inroads, and IP licensing that should lead to a more profitable and entrenched sales mix over time;
　　2) its new unified design approach and diminished Tegra mobile investments adding operating margin leverage; and
　　3) the instrumental role Nvidia technology plays in the advances underway in Cloud-based creative design, 3D design, self-driving vehicles, social gaming, and virtual reality.
　　Although the company was more bullish on mobile Tegra and less upbeat on PC market share than we expected, we continue to believe its Maxwell GPU and Tegra K1 architectures are differentiated solutions that hold more upside potential than downside risk heading into F2H15.
- Alex Gauna with JMP Securities

NVDA has appropriately rationalized its OPEX and re-focused its efforts away from smartphones towards high-end gaming, automotive, enterprise and data center. These are the markets to focus on, in our view. However, there remains some uncertainty around the gross margin trajectory, the potential deceleration in GPU Y/Y growth rates and the question of how NVDA will replace the Intel royalty income it gets when the agreement ends in 2016 (accounts for ~40% of operating income).
- Rajvindra Gill of Needham & Co.

Data center commentary was positive. Tesla continues to be exposed to computing for big data analytics, while GRID virtualization could be contributing $10s of millions/Y on growth in trials (up 35% sequentially to 600 trials worldwide). That said, we expect GRID deployments will be lumpy (taking 3 months to 1 year to potentially become deployments). We believe IT enterprise customers may not yet fully embrace desktop virtualization given up-front investments in data center infrastructure to match existing desktop use [...] With Tegra Wireless and Data center business contribution in July, merely in line revenue guidance suggests significant offsets from consumer PCs and tablets. NVDA is still exposed to the PC/tablet demand, though it continues to hold sizable share of premium segments (58% to 66% of desktop GPU past 3 years).
- Ian Ing at MKM Partners

Bears will say NVIDIA faces long-term secular PC headwinds, falling GPU attach rates, and a lack of wireless traction. Bulls will say NVIDIA is making great strides in diversifying outside of notebook PCs and into Quadro, Tesla, GRID, and Tegra.
- Christopher Rolland, FBR & Co.