Richard Clode, the portfolio manager of the global technology-leading team at Janus Henderson, stated that Nvidia's growth trajectory and key factors have laid a solid foundation for the company's continued success. The company's stock price performance is supported by actual profits and cash flow, making it more sustainable. After the stock market closed on Wednesday, Nvidia released its fourth-quarter financial report, with revenue increasing by 265% year-on-year to $22.1 billion, significantly exceeding market expectations of $20.4 billion; gross margin was 76%, reaching a historical high and also surpassing market expectations of 75.2%; net profit increased by 769% year-on-year to $12.3 billion, setting a new record. Since the middle of 2023, the market's debate on Nvidia has mainly focused on its growth trends beyond 2025, rather than the current strong performance. Through this year's Consumer Electronics Show (CES) and the recent earnings release, Nvidia has largely proven to the market that their development will not quickly stagnate. Key factors include generational changes in the computing field, a broad customer base, ongoing supply constraints, as well as a roadmap and potential for revitalizing their business in China. The company's management mentioned the $1 trillion data center infrastructure currently installed, which must be restructured to accelerate computation and the world of generative artificial intelligence (generative AI). They believe that the infrastructure scale of these data centers will grow to $2 trillion in the next 5 years. Regarding the prospects of the Chinese business, Richard Clode mentioned that the tightened U.S. semiconductor export restrictions have weakened Nvidia's data center business in China to only account for a mid-single-digit percentage of its business, but the company is currently testing compliant new chips in China, which could potentially revitalize its data center business in the future. Driven by these growth drivers, analyst valuation forecasts have increased by over 400% in the past year, surpassing the corresponding increase in stock prices, maintaining valuation within a controllable range. Even in the hype around artificial intelligence, unlike in 2020, with the return of capital costs, the market is optimistic about companies with strong fundamentals. Janus Henderson believes that the stock price performance supported by actual profits and cash flow will be more sustainable.