nVIDIA (NVDA) die neue Intel ?! - 500 Beiträge pro Seite

Da scheinen sich die Analysten ein wenig uneinig zu sein. Im folgendem Artikel wird eher ATI als Gewinner dargestellt.

This is a cheap stock that should be much more expensive. It is an injustice that a solid, proven company like ATI--with market leadership and strong growth--should be a laggard on the stock market.

Toronto, ONT, April 24 /SHfn/ -- Graphics chip market-share leader ATI Technologies` [ATYT] / [T.ATY] second quarter earnings release showed continuing strength in revenues and profit growth. At a price earnings (P/E) ratio of 27 on trailing twelve-month earnings and the April 20 close of US$18, bottom-line growth alone should produce good returns for ATI shareholders. ATI is becoming even more dominant in its sector, which should further contribute to share price appreciation.

As noted in a previous article, the company`s fiscal performance is being driven by its dominant share of the desktop and notebook markets. This has been achieved without outright leadership in pure graphics performance. Instead, ATI has focused on what volume customers and channel members want: manufacturing quality, product reliability, pricing and support. The company has strong OEM relationships (it has volume supply contracts with almost all major desktop and notebook manufacturers) and is especially well known for the quality of its channel support.

Sell-side analyst opinion leans towards neutrality, with `moderate buys` being prevalent.

Buy-side comments seem better: "In some of the technology stocks, we`re starting to see bargains but you have to be selective [and avoid] stocks that were massively overvalued and are now just somewhat overvalued. I like ATI Technologies," said Martin Hubbes, a vice-president at AGF Funds.

Second quarter revenues of US$380 million were up 28% from Q2 1999. Earnings per share (EPS), at $0.24, were up 140% from a year ago. Through the first half of fiscal 2000, the company`s 27% top-line growth is ahead of its 25% analyst guidance. And revenues growth is flowing to the bottom-line: first-half net profit margin increased by 1.7% to 13.2%, with EPS growing 45% to $0.48.

This is what ATI has been able to achieve despite lagging in terms of pure graphics performance. A concerted in-house R&D effort combined with strategic acquisitions of leading-edge design talent have brought ATI to the point where CEO K.Y. Ho has said of the highly anticipated Rage 6 chip: "We expect this chip to not only help us further grow our market share and move into [high-end] market segments, but to also help us improve our gross margins. The new product could boost gross profit margins from the low 30% range to the mid-to-high 30% range. We already have multiple design wins in our pocket now."

Assuming full-year net margin falls to 11%, and that 25% revenues growth is realized, ATI will produce full-year net income of $0.76 per share--exactly the consensus estimate. With volume shipments of Rage 6 beginning this summer, revenues growth already at 27%, net margin at 13%, and an absence of competition in its volume markets, it is extremely likely the company will outperform. There is significant room for upwards revisions of earnings estimates.

Applying the April 20 P/E ratio of 27-to-$0.76, full-year EPS gives a projected August 31 (fiscal year end) share price of $20.52. This represents a 14% return over slightly more than 4 months, with strong potential for higher EPS and higher multiples being realized. Current multiples are unjustifiably low for a company with such market dominance and growth.

The April 24, Rage 6 product line introduction will be a watershed event for ATI--one that could signal the beginning of the end for the company`s last independent competitor of consequence, NVIDIA [NVDA]. NVIDIA is a high-end supplier that survives on pure graphics performance--without superiority in pure performance NVIDIA has no competitive advantage.

The public confidence CEO Ho has demonstrated in Rage 6 is out of character. ATI has historically been conservative in all its statements and analyst guidance. A conservatism typified by Ho`s "At least we don`t disappoint, we just meet the expectations. That means that everything is under control," rant at a February news conference. For Ho to publicly predict improved gross margin performance is almost news in itself; an indication the initial design wins for Rage 6 will lead to substantial supply contracts.

ATI is already dominant in the volume, lower-margin segments of the graphics chip market. So dominant that former market leaders Cirrus Logic [CRUS] and S3 [SIII] have pulled out of the business. Tight margins and high R&D requirements have created such barriers to market entry that Mike Fiebus, a principal analyst at Mercury Research, said: "The number of start-ups is approaching zero and there`s less and less seed money for them." Competition is disappearing or being bought out--ATI`s $400 million acquisition of privately held California firm ArtX Inc. being the latest major example.

ATI can survive without dominating the high-end market. Simply gaining strong second supplier status will improve its margins and growth rates. Long-term, as the company brings its volume efficiencies to bear against high-end competitors, decreasing margins will allow only the biggest to survive. ATI is the biggest, selling into the biggest markets, and is quickly catching (if it has not already) even the specialized high-end graphics chip design houses in pure product performance. At some point the stock market must recognize ATI.

naja..davon halt ich nix.........
3Dfx ist viel besser, nur wurde die Aktie noch nicht erkannt.
Die haben jetzt endlich ihre V5 5500 draußen und bringen ca. Ende Juli die Highend V5 6000 und die lowkost V5 5000 raus.Die V5 5000 hat die besten Ergebnisse gegenüber Nvidia.
Lese mal den Pressebericht von der E3...da sah Nvidia total alt aus.
3Dfx ja auch Gigapixel aufgekauft...gute Chipfirma...warts mal ab bis die nächsten Verkaufszahle rauskommen...die GForce 2 is nur ein bischen schneller als die Gforce 1 und die Gforce 2 kostet einiges mehr als die V5 5500.

Early Voodoo5 5500 AGP Reviews Mirror E(3) Best of Show Accolades
Full Scene Anti-Aliasing Technology Viewed as a Major Improvement in Image Quality and a Must-Have Feature
SAN JOSE, Calif., June 7 /PRNewswire/ -- 3dfx Interactive(R) Inc. (Nasdaq: TDFX) today announced the early product evaluations for their soon to be available Voodoo5 5500 AGP, featuring real-time, full-scene anti-aliasing (FSAA), have been extremely positive. Following the demonstrations at the Electronic Entertainment Expo (E(3)), Voodoo5 was awarded two "Best of Show" awards. The initial previews and first reviews have already started appearing on major Internet-based publications that focus on computer hardware and gaming.

In a shocking revelation, even members of NVIDIA sponsored fan sites, who are notoriously critical of 3dfx and considered extremely biased toward NVIDIA products, have sung the praises of Voodoo5 5500 AGP.

"The GeForce 2 maximum FSAA is comparable to the quality of the V5 2x FSAA shot, but without a doubt, the V5 4x FSAA is simply fantastic," said Ross Voorhess, editor in chief of Riva3d, a fan site named after an NVIDIA graphics chip. "It`s obvious that the V5`s 2x anti-aliasing is comparable to the GeForce 2`s Maximum D3D anti-aliasing, and painfully obvious that the 4x FSAA of the V5 smokes everything else."

They echo the opinions of E(3) judges. Prevailing sentiments praise the FSAA image quality produced by the Voodoo5, as well the extremely fast frame rates the card produces in 3d games.

Best of E(3)

After seeing it in action, two major online publications awarded the Voodoo5 5500 AGP "Best of Show" awards following E(3) held recently in Los Angeles. Both GameSpy and TechExtreme chose Voodoo5 as best of show over the closest rival, the NVIDIA GeForce2 GTS.

"After much deliberation, I must say that the best internal hardware award goes to 3dfx for their Voodoo5 cards. Now, out of E(3), I have benchmarked both of them and have seen all of the ins and outs that they offer," said Mazi Bahdori, editor in chief of TechExtreme. "Overall, the Voodoo5 provides for an excellent out of the box experience that any gamer will truly enjoy."

"When it comes down to image quality and super high fill-rates, 3dfx comes out on top," said Allan Eccles and Kevin Barton of GameSpy.com magazine, which awarded 3dfx`s second `Best of E(3)` award in the video card category. "The differences in image quality between NVIDIA and 3dfx were startling, with 3dfx having a clear cut advantage. 3dfx`s image quality just looked richer, with deeper tones and hues, as compared to the washed out look on the (NVIDIA) GeForce2."

Voodoo5 Is the Accelerator Card of Choice

Early previews and reviews of the Voodoo5 5500 AGP indicate that the product is quickly being considered the top accelerator for hard-core PC gamers. Voodoo 5 offers features gamers need most from a 3D accelerator. Run just about any game title on Voodoo5 and immediately the gamers notices a much improved visual display with ultra high frame rates critical for games in the first-person shooter genera.

Overwhelmingly, editors are calling the FSAA technology a must-have feature. "Four sample FSAA is absolutely stunning, and seems to make more of a difference in games than anything else I`ve seen since the first time I saw an accelerated game," said Billy Wilson, editor of VoodooExtreme.

"Clearly, FSAA is more than a buzzword," added Scott Linfoot, webmaster of 3D Speed. "It`s an enhancement to the graphics of D3D and OGL games that makes sense. From NFS3 to Half-Life, every game I threw at it showed improved graphics and performance. Once you play with FSAA enabled you won`t want to play another game without it."

"I end up sounding like a 3DFX monkey, but I couldn`t really care less which card does better. I have no loyalty to either company. I let my poor eyes decide which card was the best," agreed Sarju Shah, hardware editor for Firing Squad (www.firingsquad.com). "With that said, I have to say that Voodoo owned every bit-depth, every resolution, and every API. There was no mistaking one card for the other in these tests. The Voodoo`s 4x simply dominated."

"The Voodoo5 is just the best card for Tribes ... can`t make it more clear than that," said Keith Lehman site administrator for Planet Starseige.

"In Rogue Spear: Urban Operations the image quality improvement at 800x600 and 640x480 was almost jaw dropping," said Aaron Benzick editor in chief of 3d Retreat. "In Unreal Tournament I noticed a drastic increase in performance and image quality. All I can say about the way the V5 performed in UT is wow!"

"I noticed the most enhancement of visual quality in racing games, flight sims and online first-person games like Asheron`s Call and EverQuest," said Jasen Torres, hardware editor of GameFan.

Previously available only in professional visual simulation systems, such as military flight simulators, FSAA removes visual artifacts such as "jaggies" and pixel "popping." Voodoo5 uses a technique call Rotated Grid Super Sampling (RGSS) to anti alias computer images. Voodoo5 5500 AGP delivers much smoother video-like images that create a dramatically improved immersive experience. With RGSS, the image is drawn multiple times and the images are offset slightly to reduce the size of the jaggies on the edges of objects, virtually eliminating the visual artifacts that result from aliased images. The resulting image is much more photo-realistic than the FSAA image delivered by competing solutions, which use the inferior ordered grid super sampling (OGSS) technique to achieve FSAA.

"The impact full scene anti aliasing has on the visual experience a computer game can deliver is truly stunning, but very difficult to communicate in words or screenshots," said Stephen Lapinski, vice president of worldwide marketing at 3dfx. "Once reviewers and consumers get the chance to see the Voodoo5500 firsthand, they are always very overcome by its combination of excellent performance and stellar image quality."

"Although an 1024x768 resolution is enough detail, Real-Time Full-Screen Hardware Anti-Aliasing allowed for an even more realistic feel, I just can`t go into enough detail on this," added William Eachus webmaster of NFS Studios (www.nfsstudios.net). "Stunning image quality, blazing frame rates and amazing digital effects. It`s the closest thing to visual reality that you`ll get on a PC today."

About 3dfx Interactive

3dfx Interactive is a global leader in enabling the emerging age of visual communications, and the 3D multimedia revolution in personal computers and consumer products. With its patented and award-winning graphics accelerator chips, boards and software, 3dfx provides the technology to create high-impact visual experiences. The company is recognized worldwide for its ability to bring the world`s finest games, educational content, interactive entertainment and media-rich business applications to life. 3dfx products are available in retail stores worldwide, and through leading PC makers including Compaq, Dell and Gateway. 3dfx has headquarters in San Jose, Calif., with engineering and manufacturing facilities in Richardson, Texas, Austin, Texas, and Juarez, Mexico. The company also operates www.3dfxgamers.com, the premier online community for Voodoo owners and gaming enthusiasts. 3dfx Interactive is available on the Web at http://www.3dfx.com.

NOTE: 3dfx Interactive and Glide are registered trademarks, and Voodoo5 and T-Buffer are trademarks of 3dfx Interactive. All other names may be trademarks or registered trademarks of their respective holders.


So und noch einen Bericht

Voodoo5 5500 AGP Delivers the Best Image Quality as Judged by Leading PC Gaming Site
Study on the Number One Website for Hardware and Game Reviews Deems Quality Of 3dfx Full Scene Anti-Aliasing Technology Superior to Competitor`s
SAN JOSE, Calif., June 6 /PRNewswire/ -- 3dfx Interactive(R) Inc. (Nasdaq: TDFX) today announced the company`s four sample full-scene anti-aliasing (FSAA) delivered by the new Voodoo5 5500 was praised by FiringSquad as delivering the best image quality in the popular APIs of any graphics accelerator. FiringSquad is the leading website for hardware and game reviews and is considered a major opinion shaper among game industry consumers. A three-part series of stories detailed the results of three weeks of exhaustive head to head testing. Put to the test were the industry`s two leading graphics accelerators with FSAA support: the Voodoo5 5500 AGP from 3dfx and the GeForce2 GTS from NVIDIA.

"The 4x comparison wasn`t even a contest. The Voodoo 5 simply owned," said Sarju Shah, Games and Hardware Writer from FiringSquad. "There was very little doubt in our minds as to which card had the best FSAA in the 4x tests."

Results revealed that in games using Microsoft`s popular Direct3D API, Voodoo5 was the overwhelming favorite. In games using the OpenGL API, the results were very close. The two cards exhibited near-equivalent FSAA image quality with a slight edge in performance going to 3dfx using equivalent settings.

"NVIDIA has finally implemented D3D FSAA on their board, but after hours of comparison, we have to say that NVIDIA`s FSAA doesn`t beat 3dfx in an `apples-to-apples` comparison," Shah concluded. "When it came to D3D there was no confusion. Performance was far superior on the Voodoo."

Full Scene Hardware Anti-Aliasing (FSAA)

Previously available only in professional visual simulation systems, such as military flight simulators, FSAA removes visual artifacts such as "jaggies" and pixel "popping." Voodoo5 5500 AGP delivers much smoother video-like images that create a dramatically improved immersive experience. There are two techniques graphic accelerators use to achieve FSAA: Rotated Grid Super Sampling (RGSS) and Ordered Grid super sampling (OGSS). In the OGSS method, the resolution of the displayed image is increased and rendered down to be displayed on computer monitors. The result is a reduction in the size of the jaggies on the edges of objects. This has little effect on the visual artifacts that result from aliased images. With RGSS, the image is drawn multiple times. The images are offset slightly to reduce the size of jaggies on object edges, virtually eliminating the visual artifacts that result from aliased images.

"With 2x FSAA, the Voodoo performs considerably better than the GeForce2 FSAA," Shah added. "When it comes to 4x, the Voodoo has no competition in terms of FSAA quality."

"Voodoo5`s FSAA offers better image quality and a higher level of compatibility than the competition. Scientifically speaking the RGSS method for FSAA is technically superior to OGSS method," explained Gary Tarolli, senior vice president and chief technical officer at 3dfx. "The results of the testing Firing Squad has done supports that fact."

"After 3 weeks of looking at cards that make jaggies, crawlies and sparklies disappear, I can no longer go back to my machine and be content," Shah added. "It makes me sick to my stomach to know that I played without FSAA, I am even sicker knowing that so many people have not been able to see FSAA in action."

Complete results can be found at http://www.firingsquad.com.


About 3dfx Interactive

3dfx Interactive is a global leader in enabling the emerging age of visual communications and the 3D multimedia revolution in personal computers, consumer products. With its patented and award-winning graphics accelerator chips, boards and software, 3dfx provides the technology to create high-impact visual experiences. The company is recognized worldwide for its ability to bring the world`s finest games, educational content, interactive entertainment and media-rich business applications to life. 3dfx products are available in retail stores worldwide, and through leading PC makers including Compaq, Dell and Gateway. 3dfx has headquarters in San Jose, Calif., with engineering and manufacturing facilities in Richardson, Texas, Austin, Texas, and Juarez, Mexico. The company also operates www.3dfxgamers.com, the premier online community for Voodoo owners and gaming enthusiasts. 3dfx Interactive is available on the Web at http://www.3dfx.com

Nun is Schluß mit Berichten ..lang lebe 3Dfx.
Nix für ungut...aber ich finde 3Dfx besser als Nvidia...warts ab

bei 3DFX hängt jetzt alles davon ab, wann und ob in Massen demnächst der neue Rampage-Chip kommt.
Nvidia will laut eigenen Aussagen einen Chip im Janua vorstellen, der 2-7 mal schneller sein soll wie der vorherige Geforce2Ultra.
3DFX plant hingegen wieder eine Multichip-Lösung die aber dieses Mal womöglich Nvidia deutlich abhängen wird.
sollte es 3DFX damit gelingen wieder Gewinne einzufahren sieht die Zukunft dank des AUfkaufs von Gigapixel noch besser aus.

ein paar Daten des Rampage:
200MHZ DDR-Bus
sehr hohe Füllrate
2.5x schnelleres FSAA
extra Geometrie-prozessor für 50-60 Millionen Poly/s

und das wichtigste:
dank der SLI technik bis zu 4 CHips verknüpfbar
-> 200 Millionen Poly/s
800MHZ DDR
10x schnelleres FSAA
und extrem hohe Füllraten

zum Vergleich NVidia:
250MHZ DDR im NV-20
etwas beschleunigtes FSAA
ca. 100 Millionen Poly/S

aber abwarten rate ich bei 3DFX, denn derzeit haben die nix zu bieten und bei den letzten Verzögerungen weiss man nicht ob 3DFX wieder Performanceführer wird.