$NVIDIA (NVDA.US)$ Blackwell production revenue in 1Q25 may ...

$NVIDIA (NVDA.US)$ Blackwell production revenue in 1Q25 may surpass Hopper - Morgan Stanley

NVIDIA CEO Jensen Huang said in an interview with CNBC that demand for the company's next-generation artificial intelligence chip Blackwell is "insane". Mr Huang said, "Everybody wants to have the most and everybody wants to be first."...while Taiwan semi supply chain is fulfilling the growing chip demand: According to our checks of the GPU testing supply chain, Blackwell chip output should be around 250-300k in 4Q24, contributing US$5-10bn revenue in 4Q24 for NVIDIA, which is still tracking Joe Moore's bullish forecast. And into 1Q25, we understand that Blackwell chip volume may reach 750k-800k units, up almost 3x from 4Q24. Meanwhile, we expect Hopper volume (including H200 and H20) to be around 1500k units in 4Q24, and gradually ramp down to 1000k units in 1Q25. Given B200 chip price is around 60%-70% higher than H200, Blackwell revenue should surpass Hopper in 1Q25.