NVIDIA 迎来最重要时刻！Wedbush：Blackwell 芯片拥有 “巨大需求足迹”

According to Zhitong Finance, with its artificial intelligence chips, NVIDIA (NVDA.US) has surpassed Microsoft (MSFT.US) and Apple (AAPL.US) to become the world's most valuable company. Its latest generation Blackwell chip may be its most significant moment. Wedbush Securities analyst Dan Ives referred to this release as "the LeBron of chip launches" and sees a "huge demand trajectory" for NVIDIA's latest chip. Earlier this year, the fate of the company's latest chip seemed to be in jeopardy due to production issues that delayed shipments by several months. Last Sunday, media reports indicated that there were overheating issues when the Blackwell chips were connected together on NVIDIA's server racks. During the third-quarter earnings call held last week, the chip giant did not mention this issue, only assuring investors that Blackwell had "fully entered production after successfully implementing large-scale changes," and that the Blackwell products delivered by the company this quarter would exceed previous expectations. According to Chief Financial Officer Colette Kress, NVIDIA shipped 13,000 GPU samples to customers in the third quarter. The company's CEO Jensen Huang stated that the shipment volume of Blackwell could have reached billions of dollars. Huang said, "You can see that Blackwell is doing very well from all the systems being built." NVIDIA's third-quarter revenue was $35.08 billion, with the data center division accounting for the majority at $30.77 billion. It has long been a gaming company, but its gaming revenue in the third quarter was only $3.3 billion. The company's profit was $19.31 billion. Hunter Wolf Research noted, "I believe Blackwell has the potential to drive NVIDIA's future growth, and NVIDIA will continue to benefit from the rapid expansion of the data center market." Kress stated that while the initial gross margin for the Blackwell chip is expected to be around the low end of 70%, it is anticipated that the gross margin will increase to the mid-70% range as production ramps up. The company's initial hot AI product was the H100 chip. The H100 was released in 2022 and started slowly until demand surged during the AI boom that began in 2023. NVIDIA stated that the H200 chip launched last year achieved the fastest product growth in the company's history. The company expects demand for its H series chips to continue for most of next year. When the company first announced its H100 chip, its quarterly revenue was only around $8 billion. When it launched the H200 chip, quarterly revenue was less than $20 billion. Ives added, "The production and demand for Blackwell look strong, and Huang's very optimistic comments during the call will become a focal point for Wall Street, which will send the shorts back to their caves. Blackwell represents the next frontier for NVIDIA and the entire AI revolution."