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NVIDIA's Blackwell-related production woes are common knowledge by now. Today, a number of analysts have penned dedicated investment notes on NVIDIA's upcoming earnings, quantifying among other things the impact, if any, of the Blackwell node's delay on the GPU manufacturer's top-line and bottom-line metrics, and expounding on the mysterious absence of the B100 chip in the ongoing chatter.
Blackwell's Delays
We recently reported on the rumor that NVIDIA is facing issues in ramping up the production of its latest Blackwell AI GPUs. Specifically, as per unverified reports, the new architecture supposedly suffers from a design flaw related to its "interconnect" technique.
Of course, an NVIDIA spokesperson denied any impression of a major upheaval in response to Wccftech's queries, noting:
“As we've stated before, Hopper demand is very strong, broad Blackwell sampling has started, and production is on track to ramp in 2H. Beyond that, we don't comment on rumors.”
Nonetheless, analysts are quickly incorporating a possible delay in Blackwell shipments in their thesis for the stock.
Rosenblatt on $NVDA (Buy; PT: $200): "We expect Nvidia to beat and raise its July quarter print and October quarter outlook, with the wildcard being how constrained the company is for Hopper platforms."
"The Blackwell ramp is really a 2025 volume dynamic for the company.…
— Wall St Engine (@wallstengine) August 22, 2024
For instance, Rosenblatt noted today that the Blackwell production ramp-up is "really a 2025 volume dynamic" for NVIDIA.
Interestingly, Rosenblatt believes that any Blackwell-related weakness will be overcompensated by the H200 GPU's "mid-cycle kicker" unleashed by the "densification" efforts of hyperscalers that are deploying liquid-cooled racks of the Hopper GPU to eke out extra performance.
Consequently, Rosenblatt again reiterated its stock price target of $200 per share for NVIDIA today, which corresponds to a price-to-earnings (P/E) ratio of around 60x.
Has NVIDIA Effectively Canceled Its B100 GPU?
$NVDA KeyBanc Reiterates Overweight PT $180
Supply chain feedback is indicating performance issues, and a resulting chip respin with the Blackwell tile is resulting in a one-quarter delay but is not expected to have any impact to near-term results and guidance. We believe modest…
— Kaushik (@BigBullCap) August 22, 2024
Of course, KeyBanc has penned an even more interesting note today by flagging the Blackwell architecture's performance issues based on a supply chain feedback, and the resulting need on the part of NVIDIA to "respin" the Blackwell tile that is then leading to a "one-quarter delay."
Even so, KeyBanc does not believe that this supposed delay will have any material impact on NVIDIA's near-terms results and guidance, courtesy of "higher Hopper bookings."
KeyBanc goes on to note:
"Given the Blackwell delay, we believe NVDA will prioritize the ramp of B200 for hyperscalers and has effectively canceled B100, which will be replaced with a lower cost/performance GPU (B200A) targeted at enterprise customers."
The fact that KeyBanc believes that NVIDIA has virtually abandoned its B100 chip is sure to attract eyeballs today. Despite this contention, KeyBanc analysts have chosen to maintain an overweight rating on NVIDIA shares with a $180 stock price target.
About the author: Writing is my one incontrovertible passion. Over the past six years, he has authored over 2,200 distinct articles on financial and tech-related topics, spanning nearly 1 million words. And he has been a member of Wcctech mobile team since 2025. As an alumnus of the University of Toronto, Rotman Commerce Program, I bring nuance, in-depth knowledge, and a unique perspective to every topic that I cover. When I'm not writing, I'm traveling the world, exploring hidden confectionaries and restaurants as an aspiring food connoisseur.
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