Nvidia's Results Aren't 'Impressive Enough,' Seaport's Goldberg Says

Summary

Jay Goldberg of Seaport Research Partners reacts to Nvidia's earnings and guidance, saying the quarter is impressive but not enough to move the stock. He argues Nvidia is sold out and constrained by TSMC capacity, limiting near-term stock upside, while next year may bring catalysts from the Brock acquisition and software revenue. He also sees rising AI-chip competition from AMD and custom silicon, which could create pricing questions even as Nvidia keeps the largest market share.

• Quarter and $108 billion guidance viewed as impressive but not enough to impress an already demanding market.
• Nvidia described as sold out, making near-term stock upside hard to find.
• TSMC production capacity seen as a hard constraint for the foreseeable future.
• Next-year possible trajectory boost from Brock volume and software/cloud revenue share.
• AMD Instinct comparable chip expected to ship in volume next year.
• Google TPU, OpenAI, and Anthropic custom chips add to emerging competition.
• Nvidia expected to retain lion's share but faces pricing questions as competitors scale.