Semiconductors
AI Hardware Suppliers Forecast Muted H1, Strong H2 — and What it Might Mean for Nvidia
We’ve heard from a handful of management teams that are direct suppliers to Blackwell over the last four business days, and the tone has shifted to more of a H2 discussion for rack-level systems. There are a few possibilities for this shift in tone, such as these specific suppliers are falling out of favor with Nvidia, but given that a variety of suppliers are echoing one another, it’s more likely that Nvidia’s GB200s are not completely on time to ramp in volume for Q1 and at least for part of Q2 as “mid-summer” and “H2” has come up repeatedly. Right now, according to our analysis and earnings calls, the risk to the downside has increased that Nvidia is not shipping on time for the more complex GPU systems. Should the analysis play out, it simply means we will get Nvidia’s stock lower for the next leg higher.
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