NVIDIA (NVDA) TD Cowen's 54th Annual Technology, Media & Telecom Conference summary

Networking growth and infrastructure

• Networking revenue reached $14.9 billion, up 199% year-over-year, driven by integrated AI factory solutions and growth across NVLink, InfiniBand, Spectrum-X Ethernet, and BlueField storage processors.

• AI factories are designed as single units of computing, requiring tightly integrated networking, storage, and compute elements for optimal performance.

• NVLink, InfiniBand, Spectrum-X Ethernet, and BlueField all contribute to infrastructure growth, supporting both scale-up and scale-out architectures.

Mellanox acquisition and integration

• The Mellanox acquisition was driven by the vision to transform into a computing company, enabling advanced data center and AI factory architectures.

• Mellanox and the acquiring company integrated seamlessly, operating as a unified team focused on distributed computing and high-performance networking.

Product strategy and ecosystem openness

• AI factories are vertically designed for extreme co-design of hardware and software, but components remain modular and open for ecosystem partners.

• NVLink Fusion allows customers to use NVLink as a standalone element, supporting mix-and-match configurations and fostering an open ecosystem.

• The company collaborates with partners and customers in the NVLink Fusion ecosystem for broader adoption.