2026년 2월 22일 · Unknown · financial · 출처 Yahoo Finance
Investing.com -- NVIDIA Corporation (NASDAQ:NVDA) heads into its upcoming earnings report with expectations for stronger near-term growth, but investors are increasingly focused on what the company’s trajectory could look like beyond 2026, according to a preview note from Deepwater Asset Management on Friday.
Munster said consensus estimates for calendar-year 2026 growth have climbed to roughly 55%, up from about 50% earlier this year, as demand for artificial intelligence infrastructure remains robust and hyperscalers continue to increase capital spending plans.
Despite rising estimates and positive developments around AI adoption, Nvidia shares have gained only modestly over the past month, highlighting what Munster described as a broader debate around growth sustainability in 2027 and 2028 rather than near-term fundamentals.
The note pointed to stronger capex guidance from companies such as Amazon and Google as a sign that large customers remain committed to expanding AI infrastructure, even as markets question the return on investment from aggressive spending.
Munster expects Nvidia’s commentary to reinforce the view that demand for GPUs and AI compute remains strong, potentially supporting growth closer to 65% in 2026, above current Street expectations.
Investors are likely to focus on several topics during the upcoming report, including China demand, the long-term opportunity in inference workloads and the company’s push into “physical AI,” which spans robotics, autonomous systems and real-world applications.
Munster argued that inference could become significantly larger than AI training over time, while physical AI, currently a small portion of revenue, may emerge as a major growth driver later in the decade.
While near-term demand appears solid, Munster said the key question for investors is whether Nvidia’s growth slows sharply after 2026 or continues at a higher pace as AI adoption expands. The firm believes the market may be underestimating longer-term growth potential, suggesting revenue expansion in 2027 could exceed current forecasts if AI infrastructure remains in an early phase.
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