UBS released a report projecting Nvidia (NVDA.US) will achieve approximately US$46 billion in revenue for 2FQ, with guidance for 3FQ expected to be US$54-55 billion (excluding China) or US$57 billion (including China).

Demand in the Chinese market for H20 is uncertain, the broker said, while assuming an increase of several billion US dollars in revenue QoQ. Although licensing fees may impact the gross margin by 50-60 bps, UBS believed Nvidia is willing to make this trade-off. The broker stayed optimistic about Nvidia's gross margin at 73.5% in 3FQ.

UBS raised Nvidia's EPS forecast for FY2026-28 to US$4.53/ US$6.85/ US$7.05, and increased the target price from US$175 to US$205, with a Buy rating maintained.
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AASTOCKS Financial News
Website: www.aastocks.com

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Stock & Type	Code	Strike(Call Level)	Last	Effective Gearing
Nvidia (C)	10721	175 (-)	0.330	4.6 X
Nvidia (P)	10714	125 (-)	0.081	4.5 X