Santa Clara University

NVIDIA Microprocessors

Robert Ota- (R&D)

Yan Dichev (Sales)

Enrique Posas (Finance/Accounting)

Andrew Seitz (Human Resources)

In a short span of one year, Nvidia’s stock price has increased by nearly two-hundred

percent, and is still continuing to rise. Nvidia’s competitive advantages in cost, production, scale

and product quality in the microprocessor industry made it one of the hottest commodities around.

Nvidia has a multitude of products, but its most notable are its graphics processing units (GPUs) -

its GeForce GPUs for gaming in order to render visualizations faster, its Tesla GPUs used in data

centers to speed up processing and enable AI, and its Quadro GPUs for professional visualization

(Virtual Reality). The gaming market is Nvidia’s largest market, and their products which are used

for PCs are what generate most of the revenue for the company.

Nvidia’s stock price has been rapidly increasing due to their simultaneous rapid increase

in revenue. According to the second quarter earnings report, Nvidia’s revenues increase by 15%

in the span of one quarter and increased by 56% year-on-year. To make things better for the

company, they experienced an even greater increase in net income year-on-year, with it having

increased to $583 million from $261 million, representing a 123% increase. Nvidia has projected

their revenues to total “$2.35 million, plus or minus two percent” with “GAAP operating expenses

expected to be approximately $672 million” for the quarter. To make things better, Nvidia also

began releasing NVIDIA Tesla V100 GPU accelerators, “the first GPU based on the new Volta

architecture”, announced a new comprehensive software suite for AI development, announced

partnerships with VW and Baidu to further AI, and achieved progress in many more areas of their

business.

Scope of the Project:

many of the datacenters throughout the world are located overseas, as well as the fact that Nvidia’s

clientele consists of large international corporations across the world. These clientele include large

industry leaders such as Amazon, Baidu, JD.com and Alibaba. This project will be focusing on the

opportunities and problems that Nvidia will encounter while penetrating the intel dominated

database industry with their state of the art GPUs. We will mainly be focusing on the role GPUs

play in the database industry such as inferencing and AI. We believe that this project scope will

provide us insight into the daily operations of the financial, sales and renovation & development

of the company. We also will be focusing on the application of GPUs to the datacenters of large

corporations and discuss why Nvidia has been able to successfully penetrate and entirely new

market. As a group, we believe that applying GPUs to traditional database systems, such as intel

semiconductors, will increase the datacenters processing speed, reduce operation costs and

therefore provide their customers with value. We think that this is where Nvidia plans on extending

their business and where Nvidia will be encountering problems as well as opportunities.

Finance/Accounting:

It is essential to view Nvidia and its recent successes through a financial lense. Analysing

the company’s internal decisions enables us as a team to get a better, more accurate and more

complete view of the organization’s performance. Nvidia has experienced rapid growth as of late

as a result of their far advanced GPUs - three of which earn up to 80% of their revenue. These

GPUs are: Tesla GPUs for data centers, GeForce GPUs for gaming, and Quadro GPUs used in

professional visualization (Virtual Reality). Nvidia has a multi-generation lead in these markets

and these markets are what have been fueling their rapid growth and have generated many financial

opportunities. This rapid growth has been reflected in their stock price, which has increased
1,759.49%, +$200.3 (as of 11/16/2017) in the past 5 years, with their largest increases happening

this past year (Exhibit 1). With their GPU fuelled growth, it likely won’t be an issue for them

increasing their stock value in the near future. However, because 80% of their revenues come from

their GPUs, there is also a point of weakness that arises. If any one of their three major GPU

markets decrease significantly, their income statement and balance sheet will take a huge hit. The

good thing for Nvidia is that they have a significant competitive advantage when it comes to their

GPUs.

Although most of their stock growth has been fueled by good fundamentals and an 11.6%

increase in revenue from 2016 to 2017, some of the hype behind this stock is the cryptocurrency

trend. Cryptocurrencies have been booming of late, the most significant being Bitcoin (which has

just recently hit $8000 per) and Ethereum. It is pretty widely known that Nvidia and other large

corporations have begun mining cryptocurrencies. One significant risk associated with their

mining of currencies is that if the crypto currency bubble pops, Nvidia stands to lose thousands to

millions of dollars in value. The good thing for them is that if the crypto boom continues, they

could make thousands to millions of dollars as well. What we can’t quantify is the amount they

could lose/make because Nvidia does not disclose how much of the currencies they have.

Based on the liquidity ratios (Exhibit 3), Nvidia’s performance has been overall pretty

good. Their current, quick, and cash ratios are high and indicate they are sitting on a pretty large

sum of cash. Their profitability ratios are also looking very appealing as they have been steadily

increasing over the previous four years. The most notable increase being the increase in operating

margin. Generally, an operating margin of anything above or around 25% is considered pretty

good to most market analysts. Increasing margins is a good sign to investors because it shows that

Nvidia is controlling their costs and are able able to increase profits as their company grows. In
addition, the steady increase in their gross margins and profit margins are also a good sign for

investors. If gross margins are high, it is an indication that Nvidia has high retention on each dollar

of sales. If profit margins are high, it is an indicator that the overall financial performance of the

company is good. If profit margins were negative, it would be indicative of a company unable to

break-even.

Nvidia in the coming year could have some difficulties. Its pretty well known that there is

a global recession about every 10 years, and next year marks the tenth year since the 2008 financial

crisis. As such, investors could be more reluctant than usual to put money in a market that could

be likely to crash. With consumer confidence down, their stock price growth would slow and their

revenues would decrease. In addition, Intel and AMD recently announced a partnership in which

they are developing a new laptop chip. This new laptop chip is going to be designed to enable

lighter and more portable laptops to be powerful enough to run intensive gaming. With gaming

making up 57% of Nvidia revenue and Intel and AMD’s ultrathin laptop releasing by the end of

this year, Nvidia could see lower revenues coming.

Sales:

Nvidia, AMD and Intel are at the forefront of the GPU and CPU market. Until now, the

need for a more powerful computer processor was not needed in everyday use. If one wanted a

more powerful computer, they had to typically pay more in order to obtain a more powerful chip.

In general, GPUs are insanely more powerful as CPUs, and can generate as much as 100x as much

computing power as a CPU, which until these past few years was not really needed in the hands

of a normal computer user. Unless an individual wanted to run a complex game on 1080p, the need

for a processor which could handle this type of processing was simply not needed, so the demand

for this unneeded power was slim. Nvidia started out as a gaming company, supplying the best
computer GPUs needed for intense graphic use. The chips were being used for high-end gaming

platforms so they could render graphic intense games. Now, they have discovered the possibilities

of their powerful GPUs, and have transitioned their focus into the machine learning market,

targeting fields that require chips that can process large amounts of information. These fields

include AI, data centers and other deep learning initiatives which could not function without GPUs.

Based on exhibit five we can make some educated assumptions. First of all, we have shown

that Nvidia’s major revenue generator is still the gaming industry, but this segment is not growing

in a way that has the potential to impact its market share as significantly compared to other market

segments. Next, we have the pro visualization segment, which encompasses visual designing and

other areas of computing that rely heavily on the visual segment of computing. We see that in the

past three years, the average revenue has remained stagnant, while percent of total revenue has

fallen. It seems that there is not much growth in the sector of pro visualization, so we will shy

away from it when discussing potential opportunities in terms of future possibilities. Next, we have

OEM/IP, which entails selling other company's products under their own name. This could include

partnering with other major computer companies to use Nvidia chips and they would simply sell

the entire unit, comprising of their software/hardware and the Nvidia GPUs. Although this area of

business has potential, it is not the potential that could be found in the last two segments.

Nvidia’s collaboration with the automobile industry is a recent endeavour, which can be

showed by change of revenue from 2015-2017. The auto industry comprised of 3.9% of total

revenue in 2015 and increased to 11.4% of total revenue only two years later. To numerically

express these numbers, the auto segment’s revenue increased from $182 Million in 2015 to $787

Million in 2017. That represents a 400% revenue increase in two years in only one segment. This

is due to increased studies into AI technology and large car companies, such as Tesla, Toyota,
Audi, Mercedes-Benz, Volvo and Honda dedicating large teams and large sums of money to the

quest for AI technology, which will help fuel self-driving vehicles. AI requires immense

computing power, and for cars to be able to hold these extremely powerful machines, super GPUs

are needed. It seems this could be one of the biggest market segments for Nvidia’s future. If they

succeed in supplying the majority of cars produced in the near future with it’s computer chips, we

could see Nvidia sales skyrocket.

The data center market is dominated by Intel, whom hold a 98% stake of the market. But

Nvidia is making strides to disrupt this giant’s clutches on the industry. In 2015-2016, only 6.8%

of sales were from the data center industry, while in 2017 this number jumped to 12%, representing

an almost 100% gain in a year. Nvidia’s super GPUs are far more powerful than typical CPUs

provided by Intel, but Intel is creating GPUs which are generally not as powerful or slick as

Nvidia’s. If Nvidia can find a way to convince these major data bases to switch to Nvidia chips,

they could disrupt the market and significantly increase sales of GPUs.

Human Resources:

While it is challenging to find information regarding Nvidia’s human resources policy and

problems associated with their human resources department, I was able to find their HR policy

guidelines as well as some employees’ reviews of the company. Nvidia is able to support their

employees with fairly good benefits, including: military leave, immediate family death benefits

and medical benefits. The company clearly states their policies in a clear and easy-to-understand

format. In order to track employee satisfaction, Nvidia conducts a survey every 18 months.

Through the data, Nvidia determined that 87 percent of employees were proud to work for the

company. Furthermore, 79 percent of employees would recommend a friend to work for Nvidia

and 92 percent want to help the company succeed.

thought to be professional offers a great work-life ratio. One employee comments that the

executive staff wants to be informed of any complaints and is good at resolving the problem

swiftly. However, while limited, employees did have some complaints. For the most part, the

workers felt that their constant work involving “important matters” was not compensated

accordingly. An individual comments that there is never any busy work and they are constantly

given work that is crucial to finish in timely manner. As a result, he claims he continuously feels

rushed to meet deadlines and creates an rigorous work environment. Due to the copious amounts

of work they need to complete, employees felt that they deserved greater compensation. They

commented that it was unfair that similar companies were compensating their workers more than

Nvidia. Employees believe this is because the company prioritizes speed and cost efficiency

resulting in quality suffering. While this may prompt employees to leave the company, the benefits

such as the highly regarded health insurance that offers great discount rates, provide an incentive

to stay.

When asked for suggestions to improve the company, employees offered suggestions about

the promotional system. Someone suggested that the company seeks out and encourages more

junior employees. The way that the comment is stated, it appears as though it is difficult to move

up into a leadership position at the company leading to a lack of motivation from the lower-ranking

employees. It is important for Nvidia to establish a successful human resources department to

ensure that their employees have the opportunity to be successful and happy. If the employee's

needs are not met, the quality of their work, and the company as a whole is affected.

Renovation and Development:

processing units) into large database systems. It is evident that Nvidia has been heading toward

increasing their share of the database industry based on their increasing returns of revenue quarter

after quarter as well as accessing their home page where deep learning will be featured. Nvidia,

while penetrating a new market, has been pouring in millions of dollars into research and

development. As of this last fiscal quarter (October 31st) Nvidia spent 462 million dollars on

research and development; the highest they have spent in the last fiscal year (Y-charts).

Essentially Nvidia is looking to expand their offerings as a company into the datacenter

industry which is currently dominated by Intel, who currently owns “98% of the data industry”

(Team). This movement into Intel’s territory has played out nicely so far for Nvidia, “Revenue

from the data center business [in the last year has] nearly tripled to $240 million” (Pressman).

Nvidia’s [data base industry] is also expected to double in size this year (Gallagher) I believe that

these strong movements into an already dominated industry is Nvidia reinventing themselves.

The reason why Nvidia has been able to steal market share away from Intel is because of

the use of GPUs has advanced the inferencing powers of data centers. This is Nvidia's opportunity

to gain market share in the data center industry. GPUs such as the Tesla P 100, Tesla V 100 and

Tesla P4, which are the latest line of GPUs, are explicitly designed for data centers. These GPUs

optimize the processing of information and teach computers to think like humans (this is artificial

intelligence). In order to achieve such fast processing speeds, the GPUs first train the computers

to, recognize ‘true’ or correct inputs so it has these inputs stored in its memory. This is essentially

the educating phase of the GPU. After the GPUs have been trained, they can then start inferencing;

which is the task of statistical analysis to derive results. This is where the value comes in for the

customer, inferencing elevates the efficiency and effectiveness for these large semi-conductors and
databases virtually identifying inputs and deriving their own outputs. This is artificial intelligence.

This is deep learning. (See exhibit 8.)

The inferencing power of Nvidia’s GPUs, such as the “Tesla GPU” is able to “replace over

a hundred hyperscale CPU servers for deep learning inference applications and services, freeing

up precious rack space, reducing energy and cooling requirements, and reducing cost as much as

90 percent” (NVIDIA). This is where Nvidia is able to infiltrate the industry and derive value for

their customers. Nvidia’s GPUs offers the priceless power of the fastest, smartest and most

effective business intelligence.

(Below I have attached a chart depicting Nvidia’s growth into the Intel dominated data center

market. See exhibit 7. )

Omis Reasons/ Methodology:

KPIs and CSFs should be at the forefront of Nvidia’s sales and marketing campaigns. In

an already saturated market, Nvidia must use certain KPIs in order to achieve their goals. The first

KPI I believe Nvidia should focus on is market share percentage. In such a competitive market,

which include companies such as Intel and AMD, market share is key. Intel is one of the biggest

CPU manufacturers in the world, controlling a large portion of the computing market. Another

KPI that plays into this one is % of sales lost. AMD and Intel recently announced they are

partnering up to release a new generation of laptops which intend to disrupt Nvidia’s large share

of the gaming market. Nvidia has to keep track of how many of their potential customers switch

to AMD and Intel’s new computers, in order to track their market share in the gaming industry.

Another KPI which plays into % of sales lost is customer retention rate. Nvidia must make sure

they do all they can do to keep their loyal customers loyal, especially their new found connections

with the auto industry as well as other deep learning initiatives. They cannot risk Intel or AMD
disrupting their growing success in these industries. Using the three KPIs mentioned, Nvidia’s

sales team can monitor their success in the existing markets, while at the same time try to predict

sales and customer retention in their ever growing market segments such as AI.

I believe that Nvidia has done a good job implementing their competitive advantages in

order to move into the field of business analytics and data centers. This is supported by analyzing

Nvidia’s success from Porter’s five forces model. Because Nvidia was able to enter a new market

where the threat of a new entrants was relatively low with high competition rivalry proves that

Nvidia has been doing things right so far. Nvidia has been able to decrease buyer power by proving

that their GPUs are integral to the latest business intelligence with the fastest processing speeds

and deep learning. Because Nvidia’s GPUs have proven to be superior they have successfully

infiltrated Intel's market share. This is why I believe that Nvidia has done everything they have

needed to do from an OMIS stand point.

I would recommend that Nvidia develops clear KPIs and CSFs that are centered on their

competitive advantage, the GPUs. This is because I believe that the critical success factor to

gaining market share is maintaining a competitive advantage. Therefore they would need to

monitor a few key performance indicators, such as comparing the percentage of the time that their

GPU’s inferencing is correct to the percentage of the time that their competitors GPU’s inferencing

is correct, which will show whose GPU’s can derive more accurate and therefore effective.

Another key performance indicator to measure the extent of their competitive advantage would be

comparing inferencing times of Nvidia’s GPUs and that of their competitors GPUs, which will

show whose GPUs are more efficient.

Recommendations:
 With the coming year approaching quickly and problems beginning to arise for Nvidia, it

is extremely important that their executives utilise and maximize their enterprise resource

planning. With AMD and Intel teaming up to fight Nvidia, executives are going to need accurate,

complete and unique information. Fortunately for them, Nvidia already produces data centers. As

such, the data centers for their own headquarters and operations should be extremely efficient. In

the coming months, their production and materials management will need to be monitored closely

to ensure that their actions will ensure the highest quality products. Their competitive advantage

of producing high quality, low cost products, which has thrusted them to over 1,700% stock price

growth over the course of 5 years, is going to be essential to the next few years. The next few years

of Nvidia’s life are going to be crucial and company defining. If executives are unable to constantly

monitor their processes, their competitive advantage could fade. Continually, Nvidia will also need

to introduce or further execute extended ERP components which will enhance their customer

resource management and supply chain management. Because they are at the forefront of computer

growth and have the most cutting edge technology, utilizing more advanced systems will allow

Nvidia to identify problem areas along the line and opportunities to improve; this will enable

Nvidia to release only the best product. In addition, by improving their SCM, this will enable them

to get their products out quicker and will help their chips become more effective and more efficient.

In a sales perspective, I think Nvidia has two segments they should direct their resources

into the auto segment. The first segment I think is important is the auto industry. From Q1 of 2015

to Q4 of 2017 auto revenue has increased by almost 400%. This increase directly correlates to the

advancement of AI technology especially in terms of self driving cars. As these cars are getting

more sophisticated, they will require more powerful computing chips to run them. As of now, not

many cars need this type of power, but some cars are starting to hit the market that do require this
type of computing power, such as the Tesla Model 3. As more cars become autonomous, they will

require more and more chips which I think Nvidia can provide. If Nvidia secures a strong

relationship with these companies, they could see their sales skyrocket. The second segment I

believe is crucial to focus on is the Data Center segment. As said earlier, Intel is dominating the

data center market with a 98% stake in it. Nvidia has increased their revenue from data centers

from $57 million in Q1 of 2015 to $296 million in Q4 of 2017, representing an almost 600%

increase in revenue. We could see this number continue to grow if Nvidia decides to focus

resources on tackling Intel’s grasp on the data center market. In order to track the progress made

in these up and coming segments, Nvidia needs to benchmark their success. In the auto category

in 2018, I believe Nvidia should aim to increase revenue by another 50%, or to break $190 million

in segment revenue, and by 2019 they should hit $300 million in segment revenue. In 2018, the

data warehouse category should aim to increase their revenue by 50% as well, reaching $450

million in sales, and by 2019 they should hit $650 million in sales.

Although Nvidia’s human resources department has generally positive remarks and a

majority of employees are satisfied, there are still ways in which the company can improve.

Employees have shown dissatisfaction with the promotional system, arguing that it is too difficult

for low-range employees to move up in the company. As a result, many talented junior employees

lose interest in the company and either choose to leave the company or select employment at

another company rather than working for Nvidia. In order to solve this problem, Nvidia should

analyze employee data such as demographics and recruitment planning in order to encourage and

recruit more junior employees. In order to keep employees satisfied, Nvidia should continue with

their periodical surveys. From these surveys, Nvidia should offer recommendations for employees

and then analyze that data in order to improve the work environment and human relation systems.
 Due to the rigorous work environment, employees feel that the ratio of work to enjoyment

is uneven and showed frustration with the constant flow of important work. While it is important

to meet deadlines and finish the necessary work, it is also important to ensure that employees are

satisfied. In order to increase satisfaction and promote a better work environment, Nvidia should

host office events. Through simple office events such as holiday parties or company lunches,

company camaraderie is built and employees are able to release stress so they are more productive

when they return to work.

Conclusion:

As the hardware market is shifting from a CPU to a GPU dominated environment, Nvidia

has achieved a competitive advantage and is on track to becoming one of the most advanced

producers of GPUs. In order to achieve GPU market control, we believe Nvidia needs to focus on

making their ERP system as efficient as they can make it. This includes allocating resources to the

proper segment groups within their companies, with special interest and focus on the auto and data

center industry which hold the greatest potential for growth. Nvidia needs to benchmark their

success, and make sure they are not losing their competitive advantage or losing customers to their

primary rivals, Intel and AMD. On a Human Resource perspective, we think Nvidia needs to

establish a way for dedicated and bright employees to move up in the company in a way that

rewards the brightest and most hardworking employees. We also believe satisfying the needs of

the low level employees is important too. Nvidia should dedicate a small HR team dedicated to

maintaining employee morale by throwing office parties and holding events that express company

care.
Exhibit 1: 5 Year Stock Price Change of Nvidia (as of 11/16/2017)
Exhibit 2: Year over Year Growth in EPS, Revenue and Cash Flow.
Exhibit 3: Table with Liquidity and Profitability Ratios of Nvidia

Period Ending: 1/29/2017 1/31/2016 1/25/2015 1/26/2014

Liquidity Ratios:

Current Ratio 477% 257% 638% 595%

Quick Ratio 433% 240% 516% 494%

Cash Ratio 380% 214% 516% 494%

Profitability Ratios

Gross Margin 59% 56% 56% 55%

Operating 28% 15% 16% 12%

Margin*

Profit Margin* 24% 12% 13% 11%

Nvidia Revenue Data Gaming Pro Auto PC & Tegra

(in Center Revenue Visualisati Revenue OEM/IP

millions) Revenue on Revenue

2015 4,682 318 2,059 795 183 1,328

Q1 1,103 57 468 191 35 352

Q2 1,103 83 417 208 40 355

Q3 1,225 90 528 206 52 350

Q4 1,251 88 646 190 56 271

2016 5,010 340 2,819 750 320 783

Q1 1,151 88 587 181 77 218

Q2 1,153 73 661 176 71 174

Q3 1,305 82 761 190 79 193

Q4 1,401 97 810 203 93 198

2017 6,919 830 4,060 835 487 698

Q1 1,305 143 687 189 113 173

Q2 1,428 151 781 214 119 163

Q4 2,173 296 1,348 225 128 176

Nvidia % of Data Center Gaming Pro Auto Oem & IP

total Visualisati Revenue

revenue on

2015 % 6.8 44 17 3.9 28.4

2016 % 6.8 56 14 6.4 11.5

2017 % 12 57 12.9 11.4 14.2

Exhibit 7: Nvidia’s increase in income in the data center industry compared to Intel (Gallagher)
Exhibit 8: The process of deep learning, training + inferencing (Copeland)
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