Nvidia

Nvidia’s revenue growth has been very strong but somewhat cyclical due to product cycles. In the current AI boom, quarterly sales have surged (Q4 FY2024 up 265% YoY), but some normalization is expected when newer products mature. Still, we see repeatable demand: GPUs are needed for ongoing data-center and gaming applications.

Diversification across AI/data-center, gaming, and auto helps smooth fluctuations. Overall, the company benefits from secular tailwinds (AI adoption, 5G edge compute, subscription gaming). We rate predictability as high overall – growth will likely remain robust though not strictly linear year-to-year.

Notably, Nvidia has established multi-year customer contracts (e.g. to AWS, Microsoft) and benefits from infrastructure build-outs in both cloud and enterprise, supporting steady growth. One risk for predictability is that the semiconductor cycle could cause lumpy shipments, and competition could intensify (e.g.

ARM-based solutions, government licensing restrictions). But on balance, Nvidia’s leading position in a growing end market gives a strong base revenue trajectory.