Franklin Templeton's portfolio manager Sara Araghi said that Nvidia must not only exceed market expectations in terms of financial figures, but also need to provide investors with more specific information to understand how the company is preparing to deploy capital and how to maintain spending plans. Araghi pointed out that Nvidia's projected price-earnings ratio for the next 12 months clearly contrasts with the company's revenue and profit. According to the data, Nvidia's dynamic price-earnings ratio is approximately 21x. She believes that this price-earnings ratio ratio reflects the market's expectation that Nvidia's growth rate will slow down, although the absolute growth rate is still quite impressive. Araghi said, “The growth rate is still very impressive, but the deceleration period is coming. Unfortunately, the market is already watching the situation next year.” Araghi said that Nvidia's ability to continue to achieve profitable growth is important because this will convince Wall Street that the company can generate sufficient free cash flow to support the required investments. She also added that the company “must also use this cash to buy back shares.” In terms of gross margin, Araghi said that for a hardware company, gross margin starts with “7,” which is Nvidia's current level of about 75%, which is very rare, so the market will pay close attention, especially in the context of rising investment costs. She pointed out that Nvidia has offset the impact of rising memory costs by increasing prices. According to reports, the sales price of server systems based on Vera Rubin and Grace Blackwell architectures to major customers in early 2027 will increase by more than 15%.

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