Nvidia upgraded to Buy at New Street Research, Blackwell delay impact seen as limited
The move comes after the chipmaker’s shares declined by 26% since their peak in June, underperforming other semiconductor stocks tied to data center AI.
New Street’s note explains that Blackwell integrates two large dies interconnected at 10TB/s using TSMC’s CoWoS-L packaging technology, which has encountered ramp-up challenges and may require redesign. More broadly, they maintain a positive outlook on AI darling’s market position, expecting the company to continue dominating the datacenter XPU market.
The delay in Blackwell could paradoxically ease supply chain constraints for Nvidia, as the H100 chip, which requires less CoWoS capacity and HBM content, can be ramped up to meet demand. On the supply front, Samsung and Hynix are both guiding for more than double HBM supply, and TSMC is set to at least double its CoWoS capacity next year.
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