英伟达公司（NVDA）-强大的第二代人工智能基础设施支出相结合

BuyCL

22February2024|12:28AMEST

NvidiaCorp.(NVDA)

RobustGenAIinfrastructurespendcoupledwithstringofnewproductstosupportcontinuedoutperformance;FY4QEPSrecap

NVDA12mPriceTarget:$875.00Price:$674.72Upside:29.7%

NvidiadeliveredagainstwhatwasseeminglyaveryhighbarwithDataCenteronceagainservingasthekeygrowthdriver.Lookingahead,despitethe>3xyoyincreaseinDataCenterrevenuein

FY2024,wemodelanother>2xyoyincreaseinFY2025aswe

expectnotonlysustainedgrowthinGenAIinfrastructurespendingbythelargeCSPsandconsumerinternetcompanies,butalso

increaseddevelopmentandadoptionofAIacrossenterprise

customersrepresentingvariousindustryverticalsand,increasingly,sovereignstates.Inthenear-term,weseeastringofnewproductintroductions,includingtheH200(i.e.capableof2xtheinferenceperformancevs.theH100),Spectrum-X(i.e.Ethernet-basedAI

Networkingsolution),andB100(i.e.next-generationDataCenterGPUplatform)aswellasimprovingsupply,augmentingwhatisalreadyarobustdemandbackdrop.Allin,weincreaseour

FY2025/26non-GAAPEPS(excl.SBC)estimatesby8%,and

reiterateourBuyrating(alsoontheConvictionList)withour

updated12-monthpricetargetof$875(upfrom$800prior)

representing19%potentialupside(vsAHstockpriceof$736).WewillbeattendingNvidia’sGPUTechnologyConference(akaGTC)

nextmonthinSanJoseandlookforwardtodetailsregardinga)thecompany’sfuturetechnologyandproductroadmap,b)

management’supdatedviewsonthelong-termopportunityset,c)specificusecasesofGenAIbyNvidia’scustomersandpartners,andd)ongoinginitiativesatthecompanyaimedat

maintaining/extendingitscompetitivelead.Seeourfullnoteformoredetails.

ResultsandGuidance

Results:FY4Q(January)revenueof$22.1bnincreased22%qoqand265%yoy.Bysegment,Gamingrevenueof$2.9bnwasup56%yoydrivenbyrobustdemandandanormalizationinchannel

ToshiyaHari

+1(646)446-1759|

toshiya.hari@

GoldmanSachs&Co.LLC

AnmolMakkar

+1(212)934-5814|

anmol.makkar@

GoldmanSachsIndiaSPL

TrevorJanoskie

+1(212)357-9851|

trevor.janoskie@

GoldmanSachs&Co.LLC

ChrisKress

+1(212)902-6696|

chris.kress@

GoldmanSachs&Co.LLC

KeyData

Marketcap:$1.7tr

Enterprisevalue:$1.6tr

3mADTV:$25.8bn

UnitedStates

AmericasSemiconductorsandSemiEquipment

M&ARank:3

AmericasConvictionList

GSForecast

Revenue($mn)New

Revenue($mn)Old

EBITDA($mn)

EBIT($mn)

EPS($)New

EPS($)Old

P/E(X)

Dividendyield(%)

Netdebt/EBITDA(X)

EPS($)

1/2460,922.0

59,785.435,093.033,585.0

11.54

11.1834.50.0

0.1

1/24

4.76

1/25E116,787.8

106,053.975,345.573,747.5

25.35

23.4826.60.0

(0.5)

4/24E

5.35

1/26E134,755.7

122,168.086,928.385,250.3

30.32

27.9222.30.0

(0.9)

7/24E

5.82

1/27E146,781.8

--

94,732.692,974.6

34.16

--

19.80.0

(1.4)

10/24E

6.87

GSFactorProfile

Growth

FinancialReturns

Multiple

Integrated

Percentile20th40th60th80th100th

NVDArelativetoAmericasCoverage

NVDArelativetoAmericasSemiconductorsandSemiEquipment

Source:Companydata,GoldmanSachsResearchestimates.

Seedisclosuresfordetails.

GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,

investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthis

report.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcertificationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto

/research/hedge.html

.Analystsemployedbynon-USaffiliatesarenotregistered/qualifiedasresearchanalystswithFINRAintheU.S.

BuyCL

GoldmanSachs

NvidiaCorp.(NVDA)

NvidiaCorp.(NVDA)

RatingsinceFeb23,2023

Ratios&Valuation

P/E(X)

EV/EBITDA(X)

EV/sales(X)

FCFyield(%)

EV/DACF(X)

CROCI(%)

ROE(%)

Netdebt/EBITDA(X)

Netdebt/equity(%)

Interestcover(X)

Inventorydays

Receivabledays

Dayspayableoutstanding

1/24

34.5

28.0

16.2

2.8

30.7

66.4

88.4

0.1

5.6

132.7

118.3

41.4

44.1

1/25E

26.6

21.5

13.9

3.7

23.8

110.5

96.9

(0.5)

(39.8)

297.4

75.4

41.2

39.6

1/26E

22.3

17.8

11.5

4.9

19.8

118.3

67.2

(0.9)

(61.5)

343.8

70.5

43.4

37.8

1/27E

19.8 15.5 10.0 5.2 17.2121.1 50.6 (1.4)(69.8)374.9 68.546.0

37.2

Growth&Margins(%)

Totalrevenuegrowth

EBITDAgrowth

EPSgrowth

DPSgrowth

Grossmargin

EBITmargin

1/24

125.9345.7413.1 0.073.6

55.1

1/25E

91.7

114.7

119.7

0.0

75.7

63.1

1/26E

15.4

15.4

19.6

0.0

75.3

63.3

1/27E

8.99.012.70.075.3

63.3

PricePerformance

1,000

800

600

400

200

0

NVDA($)

Apr-23Jul-23Oct-23Jan-24

6m

43.7%

26.9%

3m

Absolute

Rel.totheS&P500

35.1%

23.1%

S&P500

6,000

5,500

5,000

4,500

4,000

3,500

12m

226.7%162.1%

Source:FactSet.Priceasof21Feb2024close.

IncomeStatement($mn)

Totalrevenue

Costofgoodssold

SG&A

R&D

Otheroperatinginc./(exp.)

EBITDA

Depreciation&amortization

EBIT

Netinterestinc./(exp.)

Income/(loss)fromassociates

Pre-taxprofit

Provisionfortaxes

Minorityinterest

Preferreddividends

Netinc.(pre-exceptionals)

Netinc.(post-exceptionals)

EPS(basic,pre-except)($)

EPS(diluted,pre-except)($)

EPS(ex-ESOexp.,dil.)($)

DPS($)

Div.payoutratio(%)

Wtdavgsharesout.(basic)(mn)Wtdavgsharesout.(diluted)(mn)

1/24

60,922.0(16,105.0) (2,558.0)(8,674.0)

--

35,093.0

(1,508.0)

33,585.0

611.0

--

34,196.0

(5,433.0)

--

--

28,763.029,759.0 11.65 11.5412.96

0.16 1.42,469.32,493.1

1/25E

116,787.8

(28,399.9)

(3,212.7)

(11,427.7)

--

75,345.5

(1,598.0)

73,747.5

1,729.0

--

75,476.5

(12,831.0)

--

--

62,645.562,645.5 25.60 25.3527.08

0.16 0.62,448.32,471.4

1/26E

134,755.7(33,234.3) (3,570.6)(12,700.5)

--

86,928.3

(1,678.0)

85,250.3

3,802.0

--

89,052.3

(15,138.9)

--

--

73,913.473,913.4 30.62 30.3232.30

0.16 0.52,413.52,437.8

1/27E

146,781.8(36,194.9) (3,864.9)(13,747.4)

--

94,732.6

(1,758.0)

92,974.6

5,702.0

--

98,676.6

(16,775.0)

--

--

81,901.681,901.6 34.50 34.1636.42

0.16 0.52,375.22,397.7

BalanceSheet($mn)

Cash&cashequivalents

Accountsreceivable

Inventory

Othercurrentassets

Totalcurrentassets

NetPP&E

Netintangibles

Totalinvestments

Otherlong-termassets

Totalassets

Accountspayable

Short-termdebt

Currentleaseliabilities

Othercurrentliabilities

Totalcurrentliabilities

Long-termdebt

Non-currentleaseliabilities

Otherlong-termliabilities

Totallong-termliabilities

Totalliabilities

Preferredshares

Totalcommonequity

Minorityinterest

Totalliabilities&equity

BVPS($)

1/24

7,281.09,999.0 5,282.021,783.0

44,345.0

3,914.017,469.00.0

--

65,728.0

2,699.01,250.0

--

6,682.0

10,631.0

8,459.0

--

3,660.0

12,119.022,750.0

--

42,978.0

--

65,728.0

17.24

1/25E

44,132.916,343.86,455.021,783.0

88,714.7

3,716.017,469.00.0

--

109,899.7

3,461.51,250.0

--

6,682.0

11,393.5

8,459.0

--

3,660.0

12,119.023,512.5

--

86,387.2

--

109,899.7

34.96

1/26E

91,967.815,738.86,385.721,783.0

135,875.3

3,838.017,469.00.0

--

157,182.3

3,414.51,250.0

--

6,682.0

11,346.5

8,459.0

--

3,660.0

12,119.023,465.5

--

133,716.8

--

157,182.3

54.85

1/27E

142,155.121,294.37,207.021,783.0

192,439.4

3,880.017,469.00.0

--

213,788.4

3,968.31,250.0

--

6,682.0

11,900.3

8,459.0

--

3,660.0

12,119.024,019.3

--

189,769.1

--

213,788.4

79.15

CashFlow($mn)

Netincome

D&Aadd-back

Minorityinterestadd-back

Net(inc)/decworkingcapital

Others

Cashflowfromoperations

Capitalexpenditures

Acquisitions

Divestitures

Others

Cashflowfrominvesting

Dividendspaid

Shareissuance/(repurchase)

Inc/(dec)indebt

Others

Cashflowfromfinancing

Totalcashflow

Freecashflow

Freecashflowpershare(basic)($)

1/24

29,759.01,508.0

--

(4,516.0)1,340.0

28,091.0

(1,068.0)

--

--

(9,498.0)

(10,566.0)

(395.1)(9,533.0)

--

(3,705.9)

(13,634.0)3,891.0

27,023.010.94

1/25E

62,645.51,598.0

--

(6,755.3)5,155.4

62,643.6

(1,400.0)

--

--

--

(1,400.0)

(391.7)(24,000.0)

--

--

(24,391.7)36,851.9

61,243.625.01

1/26E

73,913.41,678.0

--

627.2

5,802.4

82,021.1

(1,800.0)

--

--

--

(1,800.0)

(386.2)(32,000.0)

--

--

(32,386.2)47,834.9

80,221.133.24

1/27E

81,901.61,758.0

--

(5,823.0)6,530.7

84,367.3

(1,800.0)

--

--

--

(1,800.0)

(380.0)(32,000.0)

--

--

(32,380.0)50,187.3

82,567.334.76

Source:Companydata,GoldmanSachsResearchestimates.

22February20242

GoldmanSachs

NvidiaCorp.(NVDA)

inventorylevels.DataCenterrevenueof$18.4bnwasup27%qoqreflectinghigher

shipmentsoftheHopperGPUcomputingplatformaswellasstrengthinInfiniBand

networkingsolutions.ProfessionalVisualizationrevenueof$463mnwasup11%qoqand105%yoywithgrowthdrivenbystrongersell-infollowingnormalizationofchannelinventorylevels.Automotiverevenueof$281mnwasup8%qoq,drivenbysequentialgrowthinsalesofself-drivingplatforms.OEMandOtherrevenueof$90mnincreased23%qoqand7%yoy.Non-GAAPgrossmargin(excl.SBC)of76.7%wasup170bpsqoqandexceededguidanceby120bps.Non-GAAPEPS(excl.SBC)of$5.16was12%aboveFactSetconsensus.

Guidance:FY1Q(April)revenueguidanceof$24.0bn(+9%qoq,+234%yoy)atthe

mid-pointcamein8%aboveStreetconsensus.Managementexpectsgrowthinthe

quartertobedrivenprimarilybytheDataCenterbusinessandProfessionalVisualization,partiallyoffsetbyaseasonaldeclineinGaming.Non-GAAPgrossmargin(excl.SBC)

wasguidedto77.0%,non-GAAPopexto$2.5bn(+13%qoq),otherincomeand

expensesto~$250mn,andnon-GAAPtaxrateto17%.Basedonourcalculation,thisguidanceimpliesaFY1Qnon-GAAPEPS(excl.SBC)of~$5.41,whichis8%above

consensusestimatesheadingintotheprint.

Exhibit1:Actualsvs.Estimates

FY4Q24AFY1Q25E

($mnexceptpersharedata)

Actual

GSe

Cons.

vsGSe

vsCons.

Guidance

GSe

Cons.

vsGSe

vsCons.

Revenue

22,103

20,966

20,395

5%

8%

24,000

22,500

22,206

7%

8%

qoq

22%

16%

51%

--

--

9%

7%

9%

--

--

yoy

265%

246%

244%

--

--

234%

213%

209%

--

--

Segmentrevenue

Gaming

2,865

2,753

2,728

4%

5%

qoq

0%

-4%

10%

--

--

yoy

56%

50%

73%

--

--

Datacenter

18,404

17,417

17,062

6%

8%

qoq

27%

20%

65%

--

--

yoy

409%

382%

345%

--

--

ProVis

463

458

422

1%

10%

qoq

11%

10%

11%

--

--

yoy

105%

102%

111%

--

--

Automotive

281

261

275

8%

2%

qoq

8%

0%

9%

--

--

yoy

-4%

-11%

9%

--

--

PCOEM&Tegra

90

78

82

15%

9%

qoq

23%

7%

25%

--

--

yoy

7%

-7%

13%

--

--

Grossprofit

16,959

15,885

15,429

7%

10%

Grossmargin(exESO)

76.7%

75.8%

75.7%

1.0%

1.1%

77.0%

76.3%

74.4%

0.7%

2.6%

Opex(exESO)

2,210

2,213

2,268

-0.1%

-3%

2,500

2,374

2,142

5.3%

16.7%

Operatingprofit(exESO)

14,749

13,672

13,161

7.9%

12%

15,980

14,801

14,369

%ofrevenue

66.7%

65.2%

64.5%

1.5%

2.2%

66.6%

65.8%

64.7%

EPS(non-GAAPexESO)

$5.16

$4.80

$4.59

7%

12%

$5.41

$5.24

$5.02

3%

8%

qoq

28%

19%

70%

--

--

5%

9%

9%

--

--

yoy

487%

447%

688%

--

--

397%

381%

361%

--

--

Source:FactSet,Companydata,GoldmanSachsGlobalInvestmentResearch

KeyPositives/ConcernsandImplicationsfortheBroaderGroup

Positives:1)SignificantpresenceinInference:managementstatedthat,accordingtotheirestimationbasedoncustomerinput,roughly40%ofFY2024DataCentersegmentrevenuewasderivedfromInferenceworkloads.Weviewthisasasignificantpositiveasitrunscountertothelong-standingbearcaseonNvidia—thatis,thecompanyislesscompetitiveinInferencevis-a-visTraining.2)BroadeningofDataCenterdemand

profile:whileshipmentstothelargecloudserviceproviders(orCSPs)continueto

22February20243

representapproximately50%ofDataCentersegmentrevenue,management’s

commentarypointingtobroad-basedadoptionofGenAIacrossindustryverticals

includingHealthcare,FinancialServicesandAutomotivewasencouraging.Furthermore,webelievethesovereignAIopportunity,whichisimmaterialtoday,couldgrowintoa

meaningful(i.e.multi-billiondollar)opportunityoverthemedium-tolong-term.3)StringofnewproductscominginDataCenter:webelieveNvidia’sannualcadenceof

productlauncheswillserveasawin-winforNvidia(i.e.lesscycle-to-cyclevolatility+

accretivetoitscompetitivemoat)anditscustomers(i.e.morechoice,better

predictability).Inthenear-term,weexpectastringofnewproductintroductions,

includingtheH200(i.e.capableof2xtheinferenceperformancevs.theH100;fullrampexpectedinFY2Q),Spectrum-X(i.e.Ethernet-basedAINetworkingsolution;sampling

withcustomerstoday),andB100(i.e.next-generationDataCenterGPUplatform;detailslikelytocomeatGTC,butweexpectalate-2024orearly-2025volumeramp)aswellasimprovingsupply,augmentingwhatisalreadyarobustdemandbackdrop.4)Softwareexceeds$1bnannualizedrun-rate:managementsharedthatsoftwarerevenue

exceeded$1bnonanannualizedrun-ratebasisinFY4Q.Whileitisstillearlydays,weexpectgrowthinNvidia’ssoftwarebusinesstonotonlybeaccretivetocorporategrossmarginsbut,moreimportantly,itwillserveasatoolkitthathelpsthecompanyandthebroaderindustrydemocratizeAI,particularlyinEnterprise.5)SupplytogrowthroughtheendofCY2024:thecompanyreiterateditsexpectationforsupplytogrow

sequentiallyeveryquarterthroughoutthecalendaryear.WebelievethiswillhelpNvidiagrowrevenue,normalizeleadtimesand,inturn,removeanyexcessorderingonthepartofcustomers.6)Recordgrossmargin:drivenbyfavorablemix(i.e.higherrevenue

contributionfromDataCenter)andfavorablecomponentcosts,Nvidiareportedrecordnon-GAAPgrossmargin(excl.SBC)of76.7%inFY4QandguidedFY1Qnon-GAAP

grossmarginto77.0%atthemid-point.7)Investinginthefuture:NvidiareportedFY4Qopex(excl.SBC)of$2.2bn(+9%qoq,+25%yoy)andguidedFY1Qopex(excl.SBC)togrow13%qoqand43%yoyatthemid-point.Thiscompany’saggressive

spendingposture,inourview,indicatesnotonlymanagement’sconfidenceinthelong-termopportunityset,butalsoNvidia’sabilitytoattracttopengineeringtalent.

Exhibit2:Nvidia’sshareoftheDataCenterComputemarkethasgrownfrom~15%fiveyearsagoto~75%today

DataCenterComputeWalletShare

100%90%80%70%60%50%40%30%20%10%

0%

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

3Q20

4Q20

1Q21

2Q21

3Q21

4Q21

1Q22

2Q22

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

NvidiaIntelAMD

Source:Companydata,GoldmanSachsGlobalInvestmentResearch

Exhibit3:WeexpectNvidia’sgrossmarginstoremainatabout75%throughoutourforecastperiod

Grossmarginexcl.SBC(%)

80%

70%

60%

50%

40%

30%

20%

10%

0%

2018201920202021202220232024E2025E2026E

Source:Companydata,GoldmanSachsGlobalInvestmentResearch

22February20244

GoldmanSachs

NvidiaCorp.(NVDA)

($mn)

Exhibit4:Nvidiaranks3rdingrossmargins(TTM)withinourcoverageuniverse

Grossmargins(TTM)

100%

80%

60%

40%

20%

0%

-20%

ARM

AVGO

NVDA

ADI

MCHP

TXN

KLAC

MRVL

CRDO

NXPI

TER

PI

AMD

COHU

SWKS

AMAT

ON

LRCX

QRVO

ENTG

INTC

STX

ARW

AVT

WDC

MU

Source:Companydata,GoldmanSachsGlobalInvestmentResearch

Exhibit6:...andspent42%morethanAMDbut48%lessthanIntelin2023

Annualopex(incl.SBC)-2018-2023

Exhibit5:Nvidiahasincreasedopexby2.3xoverthelast5years...

Annualopex(incl.SBC)indexed-2018-2023

450

400

350

300

250

200

150

100

50

0

201820192020202120222023

NVDAAMDINTC

Source:Companydata

25,000

20,000

15,000

10,000

5,000

0

201820192020202120222023

NVDAAMDINTC

Source:Companydata

22February2024

Concerns:1)SustainabilityofDataCenterstrength:thenear-termoutlookforData

CenterremainsstrongasweincreaseourFY2025/26segmentrevenueestimatesyetagainby12%/14%,respectively,onstrengthening/broadeningGenAIdemandand

improvingsupply.Thatsaid,aswehavewitnessedinthepast,wearecognizantofthecyclicality/lumpinessinherenttocapitalspendingpatternsattheCSPs,inparticular,andwouldbegintoquestionsustainabilityshouldNvidia’scustomersfailtomonetize

ongoinginvestmentsinGenAI.2)SharelossinChinaDataCenter:management

notedthatChinaDataCenterrevenuedeclinedsignificantlyonasequentialbasisin

FY4Qandthatitwasexpectedtorepresentmid-singledigit(%)ofsegmentrevenue—similartoFY4Q—inFY1Q.RecallChinausedtoaccountfor~25%ofsegmentrevenueaheadoftheupdatedexportcontrolsannouncedin4QCY23.

EstimateUpdate

WeincreaseourFY2025/26revenueestimatesby10%,aswereflectcontinued

strengthinthecoreDataCenterbusiness.OurFY2025/26non-GAAPEPS(excl.SBC)estimatesincrease8%from$25.20/$29.88to$27.08/$32.30,respectively,onhigher

5

GoldmanSachs

NvidiaCorp.(NVDA)

22February2024

6

revenue,partiallyoffsetbyslightlylowergrossmarginsandaslightlyhighertax-rate.WealsointroduceFY2027estimates(yoyrevenuegrowthof9%andnon-GAAPEPS[excl.SBC]of$36.42)withthisnote.

Exhibit7:WeincreaseFY2025/26non-GAAPEPS(excl.SBC)estimatesby8%andintroduceFY2027estimates

FY27

Old

%Change

NVDANewvs.Old

FY25FY26

($mnexceptpersharedata)NewOld%Change

NewOld%Change

New

Revenue

116,788

106,054

10.1%

134,756

122,168

10.3%

146,782

GrossMargin(%)

75.7%

76.2%

-0.6%

75.3%

76.2%

-0.8%

75.3%

OperatingMargin(%)

63.1%

62.5%

0.7%

63.3%

62.7%

0.6%

63.3%

EPS

$27.08

$25.20

7.5%

$32.30

$29.88

8.1%

$36.42

Source:GoldmanSachsGlobalInvestmentResearch

PriceTargetMethodologyandKeyRisks

Ourupdated12-monthpricetargetof$875(upfrom$800)isbasedon50x(unchanged)ournormalizedEPSestimateof$17.50(upfrom$16.00prioronahigherpeakEPS

estimate).Noteourupdatedpricetargetof$875impliesa27xmultipleonourupdatedFY2026(orCY2025)non-GAAPEPS(excl.SBC)estimateof$32.30.Keydownsideriskstoourestimatesandpricetargetinclude:1)cyclicalityindatacenterspendbycloud

hyperscalersand/orenterprisesonaquarterly/annualbasis;2)lossofmarketshareinDataCenterGPUs;3)worse-than-expecteddemandforGamingGPUs;4)further

tighteningofChinaexportrestrictions,5)delaysinnewproductintroductionsandtheirimpactonrevenueandprofitability,and6)supplychainissues.

GoldmanSachs

NvidiaCorp.(NVDA)

DisclosureAppendix

RegAC

We,ToshiyaHari,AnmolMakkar,TrevorJanoskie,ChrisKressandDavidBalaban,herebycertifythatalloftheviewsexpressedinthisreportaccuratelyreflectourpersonalviewsaboutthesubjectcompanyorcompaniesanditsortheirsecurities.Wealsocertifythatnopartofourcompensationwas,isorwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisreport.

Unlessotherwisestated,theindividualslistedonthecoverpageofthisreportareanalystsinGoldmanSachs’GlobalInvestmentResearchdivision.

GSFactorProfile

TheGoldmanSachsFactorProfileprovidesinvestmentcontextforastockbycomparingkeyattributestothemarket(i.e.ourcoverageuniverse)anditssectorpeers.Thefourkeyattributesdepictedare:Growth,FinancialReturns,Multiple(e.g.valuation)andIntegrated(acompositeofGrowth,FinancialReturnsandMultiple).Growth,FinancialReturnsandMultiplearecalculatedbyusingnormalizedranksforspecificmetricsforeachstock.The

normalizedranksforthemetricsarethenaveragedandconvertedintopercentilesfortherelevantattribute.Theprecisecalculationofeachmetricmayvarydependingonthefiscalyear,industryandregion,butthestandardapproachisasfollows:

Growthisbasedonastock’sforward-lookingsalesgrowth,EBITDAgrowthandEPSgrowth(forfinancialstocks,onlyEPSandsalesgrowth),withahigherpercentileindicatingahighergrowthcompany.FinancialReturnsisbasedonastock’sforward-lookingROE,ROCEandCROCI(forfinancial

stocks,onlyROE),withahigherpercentileindicatingacompanywithhigherfinancialreturns.Multipleisbasedonastock’sforward-lookingP/E,P/B,price/dividend(P/D),EV/EBITDA,EV/FCFandEV/DebtAdjustedCashFlow(DACF)(forfinancialstocks,onlyP/E,P/BandP/D),withahigherpercentileindicatingastocktradingatahighermultiple.TheIntegratedpercentileiscalculatedastheaverageoftheGrowthpercentile,FinancialReturns

percentileand(100%-Multiplepercentile).

FinancialReturnsandMultipleusetheGoldmanSachsanalystforecastsatthefiscalyear-endatleastthreequartersinthefuture.Growthusesinputsforthefiscalyearatleastsevenquartersinthefuturecomparedwiththeyearatleastthreequartersinthefuture(onaper-sharebasisforallmetrics).

ForamoredetaileddescriptionofhowwecalculatetheGSFactorProfile,pleasecontactyourGSrepresentative.

M&ARank

Acrossourglobalcoverage,weexaminestocksusinganM&Aframework,consideringbothqualitativefactorsandquantitativefactors(whichmayvaryacrosssectorsandregions)toincorporatethepotentialthatcertaincompaniescouldbeacquired.WethenassignaM&Arankasameansofscoringcompaniesunderourratedcoveragefrom1to3,with1representinghigh(30%-50%)probabilityofthecompanybecominganacquisitiontarget,2

representingmedium(15%-30%)probabilityand3representinglow(0%-15%)probability.Forcompaniesranked1or2,inlinewithourstandarddepartmentalguidelinesweincorporateanM&Acomponentintoourtargetprice.M&Arankof3isconsideredimmaterialandthereforedoesnotfactorintoourpricetarget,andmayormaynotbediscussedinresearch.

Quantum

QuantumisGoldmanSachs’proprietarydatabaseprovidingaccesstodetailedfinancialstatementhistories,forecastsandratios.Itcanbeusedforin-depthanalysisofasinglecompany,ortomakecomparisonsbetweencompaniesindifferentsectorsandmarkets.

Disclosures

Therating(s)forNvidiaCorp.is/arerelativetotheothercompaniesinits/theircoverageuniverse:ARMHoldings,AdvancedMicroDevicesInc.,AnalogDevicesInc.,AppliedMaterialsInc.,ArrowElectronicsInc.,AvnetInc.,BroadcomInc.,CohuInc.,CredoTechnologyGroup,EntegrisInc.,ImpinjInc.,IntelCorp.,IonQInc.,KLACorp.,LamResearchCorp.,MarvellTechnologyInc.,MicrochipTechnologyInc.,MicronTechnologyInc.,NXP

SemiconductorsNV,NvidiaCorp.,ONSemiconductorCorp.,QorvoInc.,SeagateTechnology,SkyworksSolutionsInc.,TeradyneInc.,TexasInstrumentsInc.,WesternDigitalCorp.

Company-specificregulatorydisclosures

ThefollowingdisclosuresrelatetorelationshipsbetweenTheGoldmanSachsGroup,Inc.(withitsaffiliates,“GoldmanSachs”)andcompaniescoveredbyGoldmanSachsGlobalInvestmentResearchandreferredtointhisresearch.

GoldmanSachshasreceivedcompensationforinvestmentbankingservicesinthepast12months:NvidiaCorp.($674.72)

GoldmanSachsexpectstoreceiveorintendstoseekcompensationforinvestmentbankingservicesinthenext3months:NvidiaCorp.($674.72)GoldmanSachshasreceivedcompensationfornon-investmentbankingservicesduringthepast12months:NvidiaCorp.($674.72)

GoldmanSachshadaninvestmentbankingservicesclientrelationshipduringthepast12monthswith:NvidiaCorp.($674.72)

GoldmanSachshadanon-investmentbankingsecurities-relatedservicesclientrelationshipduringthepast12monthswith:NvidiaCorp.($674.72)GoldmanSachshadanon-securitiesservicesclientrelationshipduringthepast12monthswith:NvidiaCorp.($674.72)

GoldmanSachsmakesamarketinthesecuritiesorderivativesthereof:NvidiaCorp.($674.72)

GoldmanSachsisaspecialistintherelevantsecuritiesandwillatanygiventimehaveaninventoryposition,“long”or“short,”andmaybeontheoppositesideofordersexecutedontherelevantexchange:NvidiaCorp.($674.72)

Distributionofratings/investmentbankingrelationships

GoldmanSachsInvestmentResearchglobalEquitycoverageuniverse

Global

RatingDistribution

Sell

Buy

Hold

48%

35%

17%

InvestmentBankingRelationships

Sell

Buy

Hold

62%

55%

43%

AsofJanuary1,2024,GoldmanSachsGlobalInvestmentResearchhadinvestmentratingson2,961equitysecurities.GoldmanSachsassignsstocksasBuysandSellsonvariousregionalInvestmentLists;stocksnotsoassignedaredeemedNeutral.SuchassignmentsequatetoBuy,HoldandSellfor

22Febru