Semiconductors
Nvidia Q2: Blackwell Shipments to Begin in Q4
Given the rumors that had transpired about Blackwell’s delays, it was widely expected that Nvidia’s management would provide some transparency in Q2 as to the status of Blackwell. We had tracked a few key data points in the supply chain, such as TSM’s HPC growth and Super Micro’s liquid cooling growth. Direct liquid cooling doesn’t lie as it’s intricately linked to the Blackwell launch, implying that Blackwell would indeed ship by Q4 – and Nvidia just confirmed that: “Blackwell production ramp is scheduled to begin in the fourth quarter and continue into fiscal 2026. In the fourth quarter, we expect to ship several billion dollars in Blackwell revenue.” Nvidia also guided for Q3 revenue of $32.5 billion, once again above consensus estimates, though it was only $700 million higher at the midpoint; despite this being one of the ‘smaller’ beats, it’s a testament to the strength of Nvidia’s demand to guide for $2.5 billion sequential growth primarily based on Hopper demand with no contribution from Blackwell.
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