저자: 김진규 · 한국인
요약 보기
엔비디아는 GPU 점유율 약 73%로 사실상 독점에 가깝고, AI·메타버스·자율주행 수요로 실적이 8분기 연속 성장 중이다. 다음 분기 수익성(마진) 등을 근거로 장기 성장성이 크다고 본다. 최근 주가는 금리 인상 우려로 조정받아 $224 부근까지 하락했으며, 이 구간 아래는 매수 기회로 본다. 목표가 $400(스파이네이션 증권사 리포트 인용)에 대해서는 더 낮아질 수도 있다고 보면서도, 장기(5~10년)로는 도달 가능하다고 봤다. 금리 인상 국면에서는 조정이 불가피하다는 입장.
다듬은 글
4. Let's move on to the US stock guide. I will guide you safely, starting with the US. The person guiding you today is Assistant Manager Kim Jin-kyu from the Bundang WM Center at Eugene Investment & Securities. Welcome. 4. Hello. So, you are now our guide. How is it? I will learn how to be a guide diligently starting today.
I look forward to this golden gathering. Yes, let's open the US guide to see what stock you have brought today. Yes, today's Monday stock is NVIDIA. You mentioned that it is a company to watch during corrections. Actually, many of you are familiar with NVIDIA, aren't you? You know it as a semiconductor-related company, but in what specific fields is it standing out?
First of all, regarding NVIDIA Media, people tend not to know much about how GPUs are utilized in relation to the Metaverse. Yes, and also regarding cryptocurrencies and another aspect— how it is being utilized in the AI field— many people are seeing its stock rise, so I will share that information today before coming out.
4. I mentioned that NVIDIA is distinguishing itself in the GPU and AI fields, so first, let's look at what the 2nd generation PU is. There are some people who don't know, so shall I explain it in detail? Ah, regarding the media mentioned yesterday, the Graphics Processing Unit (GPU) has a significant strength.
First, to explain the connection to the Metaverse, I think I need to mention the difference between CPUs and GPUs. In the case of CPUs, a small number of high-performance panels are deployed, whereas in the case of GPUs, hundreds to thousands of high-performance panels are deployed in large quantities to process tasks in parallel.
To put it simply, you can think of the CPU as playing the role of a specialized researcher, while the GPU is like the workers of the creators handling the work. You mentioned the difference between GPUs and CPUs, and while people know that Nvidia is number one in the GPU field, many don't know if this is related to the Metaverse.
Shall we look into how the revenue structure is generated in relation to the Metaverse? Ah, why? First of all, as artificial intelligence has led to the emergence of a new industry called the Metaverse—a virtual book—it has come to require simple yet extensive computational tasks. Oh, right. The industry's " Liz" (resource development) emerged.
Consequently, GPUs began to be utilized more than CPUs. In particular, with the advent of Alpha 9, AI became important. If you look at the emergence of AI, since its core technology is machine learning—which involves repetitive and infinite simple computations—the usability of GPUs increased. Consequently, GPUs have been widely utilized in the meta-process era.
You mentioned that GPUs are more efficient. If NVIDIA expands into AI, other companies will inevitably have to use this platform, right? Will this change NVIDIA's competitiveness compared to other semiconductor companies? Ah, NVIDIA has a platform called Kudar that it has developed. Through such a development platform, developers can easily program GPUs.
NVIDIA has established a strength by utilizing its unique GPUs to create a standard for artificial intelligence development through the Kudar platform. Then, aside from GPUs, in what areas regarding AI and meta-processes does NVIDIA differentiate itself from other semiconductor companies? Regarding semiconductors, to explain the differentiating factors, first of all, NVIDIA has a semiconductor technology called Ultimate.
As data demand increases, this offers the advantage of enabling fast computation. Furthermore, this technology is currently being utilized in autonomous driving through its operational capabilities. Because the response speed is fast, I can say that the GPU computation processing performance is overwhelmingly superior.
To elaborate on this aspect, I can say that NVIDIA possesses superior computation processing speeds and overwhelming benchmark figures compared to other companies. You mentioned the differentiation between NVIDIA and other companies. Actually, NVIDIA is a company that shows consistent earnings growth, isn't it?
They have shown quarterly growth for eight consecutive quarters. However, there are many who say that the valuation is on the high side. What are your thoughts on that? Regarding the valuation, since it is currently a high-growth stock, likely due to the interest rate hikes, it is... Although the media is somewhat genius and the stock price is currently undergoing a correction and falling significantly, when looking at revenue growth potential, Ambit Year has great potential for further growth.
From a long-term perspective, revenue is continuously increasing, and if you look at the revenue concept for the next quarter, the profit margin is 69.2%, demonstrating consistently large revenue growth. Therefore, from that perspective, I believe NVIDIA's stock price can rise significantly in the future.
Furthermore, since the company is achieving significant growth not only in that sector but also in the AI field and the autonomous driving sector, which has future growth potential, I think the stock price could rise even more sharply if NVIDIA generates more revenue in those areas. You mentioned NVIDIA's growth potential; did you see the previous corner's article on Epic?
In the second part of this post, Spy Nation maintained a "Buy" investment recommendation and presented a target price of $400. Do you agree with this? I actually believe NVIDIA could go even lower than $400. After all, the current stock price correction... It has been receiving a lot of attention, causing it to drop to the low $200 range.
However, looking at today's price of $224, there is a heavy concentration of selling pressure. If it falls below that level, I believe we can view it as a sudden buying opportunity. Also, regarding the revenue concept, as I mentioned earlier, if you look at the auxiliary sector, NVIDIA is enjoying significant growth not only in the gaming sector but also in the data sector.
Companies like Microsoft are emerging as potential buyers, and since this sector has very high profit margins, I predict that NVIDIA will be able to enjoy even greater growth in the future. Furthermore, because NVIDIA is investing heavily in [the US], I anticipate even greater growth. Okay, I understand.
We have heard your opinion on the stock price, and since we have a little time left, I would like to ask you a few more questions. There are many concerns that interest rate hikes will have a negative impact on tech stocks, growth stocks, and even semiconductor-related stocks. Regarding this, first of all, regarding NVIDIA...
did I mention that? How will other tech stocks or growth stocks be affected? Inevitably, we are moving toward a period of inflation and structural inflation. Looking at it, companies cannot help but consider cost aspects when producing goods. Since costs are quite high, revenue and profit margins are decreasing significantly.
In the case of Nvidia, while AMD currently divides the market share, they hold a 73% share of the GPU market. Yes, that is correct. If a share exceeds 70%, it can be considered a near-monopoly. The advantage of such a monopoly is that they can adjust prices whenever they want. However, for other semiconductor companies, competition is so fierce that it is very difficult to adjust prices arbitrarily.
If Nvidia raises prices, would n't it take away some profit from other companies? It is expected that the areas where they take such profit will be somewhat smaller. Since the GPU sector is divided between AMD and Nvidia as I mentioned earlier, even if they raise prices in the market, demand is unlikely to shift to the other side.
Since this is a different sector from industries where Samsung or SK Hynix are involved, even if Nvidia raises prices to adjust the revenue and profit margin of established players... I would say that because NVIDIA has created a platform that is inevitably used, they have established a structure where the continuous utilization of GPUs is unavoidable.
So, do you view the semiconductor growth sector positively overall? In the case of semiconductors, since we are currently in a period of rising interest rates, a stock price correction is unavoidable. Also, as I mentioned earlier, because interest rates are rising, it places a significant burden on companies due to increased costs and inflation, so we need to watch the future outlook closely.
I felt that the price had dropped significantly; should we consider that the initial recovery has n't happened yet? Well, I believe that once the interest rate hike is confirmed, and depending on the position, it could fall a bit further. However, for companies that hold monopolies like the media sector, I tend to view their stock prices as having some strength in defending their position.
So, you are saying that although NVIDIA's stock price has undergone a significant correction due to rising interest rates, in-play, and various other unfavorable market conditions, there is no need to worry too much because it is a company with great future growth potential? Yes, that is correct. From a long-term perspective, while Nvidia may undergo a correction right now, if we look ahead 5 to 10 years, and if its current core business—data or agg-liberal— grows significantly and revenue increases as desired, I cautiously predict that the stock price could reach the target of $400 you mentioned earlier.
Yes, understood. The opinion was that we should keep an eye on it during corrections. Today, Liz looked into these items regarding Nvidia. Joining us today is Kim Jin-kyu from the Eugene Investment & Securities Bundang WM Center. Yes, thank you for your insights. Thank you. Uh
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