SemiAnalysis raises expectations: Nvidia data center revenue may significantly exceed market expectations According to Golden Finance, on July 1st, Nvidia's stock price rose by about 1.8% on the last trading day of the quarter, after experiencing a pullback of over 11% in just over a month. This rebound is mainly driven by optimistic predictions from independent semiconductor research firm SemiAnalysis. The agency expects Nvidia's data center computing revenue in the second half of fiscal year 2027 to be about 20% higher than Wall Street's consensus expectations, mainly based on easing supply bottlenecks and accelerating volume on the Vera Rubin platform. The market believes that this judgment reflects that the demand for AI infrastructure is still expanding. The report points out that the HBM4 memory supply issue that previously constrained shipments has been basically resolved, and the front-end wafer production capacity has also been laid out in advance, providing support for the growth of shipments in the second half of the year. According to supply chain information, Blackwell's transition to Rubin's products is expected to be completed in the second quarter of 2026 and will drive demand acceleration from the third quarter onwards. The NVIDIA Vera Rubin platform entered mass production in June and is planned to be delivered to multiple cloud vendors in the fall, including AWS, Microsoft Azure, Google Cloud, and Oracle. The new generation HBM4 has significantly improved bandwidth and is believed to enhance the performance advantage of AI computing power. However, the report also points out that the original design of Rubin Ultra has been reduced, resulting in lower scale and performance than initially envisioned, and there is still uncertainty about the long-term revenue impact. Overall, the continuation of the AI computing cycle remains a core concern in the market.