HSBC: Memory-led price hikes could drive FY28 earnings upside for $NVDA HSBC expects Nvidia to be able to pass higher memory costs through via higher product pricing. The bank raised: - FY28 Data Centre revenue estimate from $528.1B to $608.8B, ~12% above consensus - FY28 EPS to $14.40, 13% above consensus With bunch of bullish headlines are being released: - AI server prices reportedly +15% or more - $6B deal to strengthen Nvidia's open-weight AI push - H200 shipments to China have started We're very bullish on $NVDA - tomorrow's market open should be fun to watch :> But expect volatility on earnings day itself. If Jensen confirms memory remains tight and customers are absorbing higher prices, it basically implies that memory inflation has not yet reached the point where it starts destroying AI demand. Overall, this is bullish for almost the ENTIRE Nvidia ecosystem. HSBC estimates Nvidia could consume around 63% of TSMC's CoWoS capacity in 2026 and 52% in 2027, which shows just how much Nvidia demand can propagate through the semiconductor supply chain. $TSM → wafers + advanced packaging $MU / $SKHY → HBM $ANET / $MRVL / $AVGO → networking + connectivity $COHR / $LITE → optical infrastructure $VRT → power + cooling $DELL / $SMCI → AI servers In terms of stock performance, $NVDA heads into earnings after 6 straight red closes, its longest losing streak since 2022. Nvidia's earnings are now one of the market's biggest remaining catalysts - effectively every US stocks investor needs to pay attention. If NVDA fails to hold up here, there may not be much left to support the market.