บทวิเคราะห์ (Research)

For 2Q26 results, Nvidia posted revenue of $46.7b (+6% q-q, +56% y-y), led by strong contributions from both Data Center and Gaming, broadly in line with analyst expectations. Net income rose to $26.4b (+41% q-q, +59% y-y), reflecting robust profitability. For 3Q26E, the company guided revenue of $54b, slightly above consensus. However, after several blockbuster quarters, the guidance was viewed as underwhelming, fueling concerns that AI chip demand growth may be moderating. We recommend a BUY on NVDA80, with a Bloomberg consensus target price of THB34.25 (equivalent to $211, USD/THB at 32.5). At a market cap of ~$3.4tr, Nvidia trades at around 32x forward P/E, which is comparable to peers (Exhibit 5) and arguably reasonable for a platform leader with monopoly-like margins. More than just a chipmaker, Nvidia is now extracting infrastructure rent across the entire AI value chain, reinforcing its position as the most critical enabler in the AI economy.