1. AI Market Leadership Sustainability

Why It Matters: Data Center/AI represents ~88% of revenue with 112% Y/Y growth

Key Questions:

• How sustainable is NVIDIA’s technological lead in AI chips?
• Can they maintain their pricing power and margins?
• What is the true size of the AI infrastructure opportunity?

Supporting Evidence:

“Generative AI is not just a new software capability, but a new industry with AI factories manufacturing digital intelligence, a new industrial revolution that can create a multi trillion dollar AI industry.” – Jensen Huang, Q3 2025

2. Supply Chain Execution

Why It Matters: Demand consistently exceeds supply, making execution critical

Key Questions:

• Can they scale production to meet demand?
• How are they managing component sourcing?
• What are the risks in their supply chain?

Supporting Evidence:

“While demand greatly exceeds supply, we are on track to exceed our previous Blackwell revenue estimate of several billion as our visibility into supply continues to increase.” – Colette Kress, Q3 2025

3. Competition and Moat Analysis

Why It Matters: Cloud providers and others are developing their own chips

Key Questions:

• How defensible is their software/ecosystem advantage?
• What is the risk from cloud providers’ internal chip programs?
• How sustainable is their pricing power?

Supporting Evidence:

“For every $1 spent on NVIDIA AI infrastructure, cloud providers have an opportunity to earn $5 in GPU instant hosting revenue over 4 years.” – Colette Kress, Q1 2025

4. China Exposure and Regulatory Risk

Why It Matters: China restrictions have significantly impacted revenue

Key Questions:

• How will evolving export controls affect their business?
• Can they develop competitive China-specific products?
• What is the long-term China strategy?

Supporting Evidence:

“Our Data Center revenue in China is down significantly from the level prior to the imposition of the new export control restrictions… We expect the market in China to remain very competitive going forward.” – Colette Kress, Q1 2025

5. Financial Sustainability

Why It Matters: Current growth rates and margins are exceptional

Key Questions:

• Are current margins sustainable?
• How cyclical is the business?
• What is the long-term growth trajectory?

Supporting Evidence:

“GAAP gross margins were 74.6%… down sequentially, primarily driven by a mix shift of the H100 systems to more complex and higher cost systems within data center.” – Colette Kress, Q3 2025

6. Product Transition Risk

Why It Matters: Success depends on smooth transitions to new architectures

Key Questions:

• How will the transition to Blackwell impact financials?
• What is the product roadmap beyond Blackwell?
• How are they managing product transitions?

Supporting Evidence:

“Blackwell production is in full steam… we will deliver this quarter more Blackwells than we had previously estimated.” – Jensen Huang, Q3 2025

Your Turn!

Apply DoTadda’s framework to analyze NVIDIA’s competitive position:

Problem:

Using the provided earnings call data, evaluate: 1. NVIDIA’s competitive moat 2. Growth sustainability 3. Key risk factors

Solution Template:

1. Competitive Moat Analysis
   - Software/ecosystem advantages
   - Manufacturing capabilities
   - R&D leadership

2. Growth Sustainability
   - Market opportunity size
   - Product roadmap
   - Customer concentration

3. Risk Assessment
   - Regulatory environment
   - Competition
   - Supply chain constraints