Nvidia, $NVDA, now accounts for a record 4.73% of the MSCI All Country World Index (ACWI).
The MSCI ACWI Index covers ~85% of global equity markets, including large and mid-cap stocks.
Nvidia's weight ALONE is now larger than Japan's 4.65% share, the world’s 3rd-largest stock market.
By comparison, the UK, China, and Canada account for 3.28%, 2.97%, and 2.87%, respectively.
Nvidia’s contribution to the index is now nearly as large as France and Germany COMBINED.
Historic is an understatement.
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☑️ #236 Jul 17, 2025
China's supply chain is a miracle. Chinese AI models are now "world-class"
@photo_cns: Nvidia CEO JensenHuang talks with Wang Jian, Director of Zhijiang Laboratory and Founder of Alibaba Cloud, during the fireside chat at the third China International Supply Chain Expo (CISCE) ,July 17. (Photo by Zhao Wenyu/CNSPHOTO) #CISCE#Nvidia#JensenHuang#AlibabaCloud
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Nvidia CEO JensenHuang thought highly of DeepSeek and other Chinese contributions to global AI research as he met with Wang Jian, the founder of Alibaba Cloud and director of Zhejiang Lab, in Beijing on Thursday, stating that open-source Chinese AI language models are assisting the rest of the world. https://globaltimes.cn/page/202507/1338587.shtm
Nvidia’s co-founder and CEO Jensen Huang lauded China’s progress in open source artificial intelligence and said it was a “catalyst for global progress” that was “giving every country and industry a chance to join the AI revolution.” Huang pledged to work with Chinese companies, as the chip designer driving the growth of AI resumes shipping its sought-after chips to the country after getting US government approval. He was speaking on July 16, 2025 during the opening ceremony of the China International Supply Chain Expo in Beijing.
+ Related content:
en.cisce.org.cn > China International Supply Chain Expo (CISCE): Ren Hongbin meets with NVIDIA CEO.
Ren Hongbin, chairman of the China Council for the Promotion of International Trade (CCPIT), on Tuesday met with NVIDIA founder and CEO Jensen Huang, who is in China to attend the 3rd China International Supply Chain Expo (CISCE).
During the meeting, the two sides exchanged views on topics including promoting China-US cooperation in the AI industry, strengthening industrial and supply chain collaboration, and supporting the growth of foreign-invested enterprises in China.
Source: China International Exhibition Center Group Limited
mp.weixin.qq.com: [Excerpt] [Translated] Lao Huang's on-site record: "I have been the most worthless CEO in the world, and I have also been the most valuable CEO"
How does it feel to be the CEO of the most valuable company in the world? He said, "I am the only one in the world who has been both the CEO of the least valuable technology company - NVIDIA and the CEO of the most valuable technology company in my career. NVIDIA's market value used to be zero, and it has been maintained at a very low level for a long time.
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☑️ #234 Jul 13, 2025
Market cap as a % of Global GDP (USD) of Nvidia and the listed exchanges in the UK, France and Germany
@onechancefreedm (update; 7/12/25): Does this really surprise anyone? When NVIDIA alone makes up over 7% of the S&P 500 and nearly 17% of the Nasdaq 100. In that context, $720 million in insider selling since June, including major dumps by CEO Jensen Huang, starts to look a lot more like a warning than routine profit taking. In a market this top heavy, where one stock holds more sway than entire sectors used to, insider activity becomes a macro signal. The people closest to the engine are easing off the throttle, maybe it’s worth asking why.
tipranks.com: Nvidia (NVDA) Ownership - Who Owns Nvidia?
Screenshot. Source: TipRanks Ltd.
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☑️ #232 Jul 9, 2025
OWN IT, DON’T TRADE IT
@jimcramer: Thank you Jensen!!! Thank you Nvidia!!
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☑️ #231 Jul 9, 2025
In approximately 26 months
$1,000,000,000,000 (May 2023)
$2,000,000,000,000 (March 2024)
$3,000,000,000,000 (June 2024)
$4,000,000,000,000 (7/9/25): equal to India’s estimated GDP.
Logarithmic chart (update; 7/11/25). Created with TradingView
@profplum99 (update; 7/9/25): NVDA market cap 13.5% of US GDP. As a reminder, the Q4-1979 low was 37% for the entire US market. But it was all about the Fed balance sheet (contracting), low interest rates (TINA no more), etc.
Maybe it's just social media... /s
We did it to ourselves, they'll say... and they'll be right
@lisaabramowicz1 (update; 7/10/25): Nvidia's market capitalization exceeds Germany's by nearly $1 trillion. The size and success of this giant, and the other US tech behemoths, underscores how much the AI trade can overwhelm the market's response to week-to-week fluctuations in economic data and policy headlines.
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☑️ #230 Jul 3, 2025
CoreWeave Becomes First Cloud Provider to Deploy NVIDIA GB300 NVL72 Platform
coreweave.com: [Excerpt] CoreWeave collaborated with Dell, Switch, and Vertiv to build the initial deployment of NVIDIA GB300 NVL72 systems, enabling greater speed and efficiency to bring the latest accelerated computing offerings from NVIDIA to CoreWeave’s cloud platform.
The deployment of GB300 NVL72 is tightly integrated with CoreWeave’s cloud-native software stack, including its CoreWeave Kubernetes Service (CKS) and Slurm on Kubernetes (SUNK) to its deep observability and custom-designed Rack LifeCycle Controller (RLCC). CoreWeave recently announced that hardware-level data and cluster health events are now integrated directly through Weights & Biases’ developer platform, which CoreWeave acquired earlier this year.
@firstadopter (update; 7/7/25): CoreWeave CEO tells me having direct control over future data center designs will be "enormously important" and will benefit customers. Remember Rubin Ultra in 2027 will require 600kW per rack, Nvidia has said.
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☑️ #229 Jun 30, 2025
Insiders: Jensen Huang
@TrendSpider: NVIDIA CEO Jensen Huang celebrated his stock back at ATHs with a $45,000,000 selling spree. This is his first time selling shares since last September. $NVDA
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☑️ #228 Jun 5, 2025
Market Cap per employee
@LeverageShares: Which company extracts the most market value per headcount? From $AMZN's $1.4M to $NVDA's staggering $88.9M, this chart shows the astonishing disparity in market cap per employee across top tech firms. #MarketingCommunication
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☑️ #227 May 30, 2025
NVDA's Value at Risk (VaR) appears stable now
darwinexzero.com1 > discord.com > @Spreadcheat: NVDA's Value at Risk (VaR) appears stable now, so I don’t anticipate further stock shocks. A 30% probability of reaching $151 seems feasible. Additionally, volatility is currently stable and at its average highs, meaning it is likely to decline, which could push the stock higher.🤞
@t1alpha: $NVDA is driving the market today, accounting for over 30% of the bullish momentum in the $SPX. For comparison, $AMZN, $MSFT, and $TSLA have a combined contribution of just 9%.
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☑️ #225 May 28, 2025
Next-Generation AI Infrastructure Transforming Enterprise Networks
@NVIDIANetworkng : Don't miss our keynote at ONUG's AI Networking Summit.
Kevin Deierling will share the #AI-accelerated networking roadmap essential to helping your enterprise navigate the surging workload demands of today's AI infrastructure.
Envisioning the Future: Next-Generation AI Infrastructure Transforming Enterprise Networks. May 28 @ 10:20am CST | Dallas, TX
+ Related content:
onug.net: [Excerpt] Kevin Deierling, Senior Vice President at NVIDIA, presents a visionary outlook on enterprise networking evolution, driven by growing AI workload demands. As sophisticated AI models integrate deeper into business operations, existing network architectures must overcome unprecedented challenges in flexibility, scalability, and responsiveness. Kevin explores why intelligent infrastructure and advanced networking capabilities are essential for dynamically handling complex AI tasks. Attendees will receive strategic guidance for future-proofing infrastructure to sustain innovation and competitive agility
@kakashiii111: Two direct customers of Nvidia represent $13 billion of the $39.1 billion in Data Center revenue, which means that a third of Data Center sales are going to only TWO customers.
@kakashiii111: Three customers account for a total of 57% of Nvidia's accounts receivable, which equals $12.6 billion as of the end of the first quarter.
@bespokeinvest: NVIDIA $NVDA has beaten top and bottom line estimates and raised guidance on 8 of the 9 quarters it has had since ChatGPT was released in late 2022
Infineon to revolutionize power delivery architecture for future AI server racks with NVIDIA
infineon.com: [Excerpt] Munich, Germany and Santa Clara, CA – 20 May 2025 Infineon Technologies AG (FSE: IFX / OTCQX: IFNNY) is revolutionizing the power delivery architecture required for future AI data centers. In collaboration with NVIDIA, Infineon is developing the next generation of power systems based on a new architecture with central power generation of 800 V high-voltage direct current (HVDC). The new system architecture significantly increases energy-efficient power distribution across the data center and allows power conversion directly at the AI chip (Graphic Processing Unit, GPU) within the server board. Infineon’s expertise in power conversion solutions from grid to core based on all relevant semiconductor materials silicon (Si), silicon carbide (SiC) and gallium nitride (GaN) is accelerating the roadmap to a full scale HVDC architecture.
Infineon collaborates with NVIDIA for industry-first 800 V power delivery architecture for AI data centers.
New high-voltage direct current (HVDC) distribution ensures reliable and even more efficient power delivery for future AI server racks.
Infineon aims to create new power delivery standards for AI data centers.
黃仁勳面對面TVBS獨家專訪 談美中台市場展望AI未來趨勢｜Exclusive Interview with NVIDIA CEO Jensen Huang (FULL VERSION)
@TVBSNEWS02 : [Translated] TVBS exclusively interviewed Huang Renxun, CEO of Huida, deeply talked about the concept of "AI infrastructure" and the scientific and technological vision of the next ten years, directly concurrently against the choice under "U.S.-China science and technology competition" and "chip export control", talked about the importance of sufficient energy, and pointed out Taiwan's key role and opportunities in the global AI industry.
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☑️ #221 May 19, 2025
NVIDIA GTC Taipei at COMPUTEX 2025
+ Related content:
asia.nikkei.com: TAIPEI -- Nvidia founder and CEO Jensen Huang on Monday announced plans to build an Al supercomputer for Taiwan with the island's two top tech players, Foxconn and Taiwan Semiconductor Manufacturing Co., and the Taiwanese government, as demand for "sovereign Al" grows around the world.
Huang, giving a keynote in Taipei ahead of the annual Computex Taipei trade event, said Taiwan is at the center of the AI revolution and is where a lot of the most important suppliers are based.
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☑️ #220 May 19, 2025 🔴 rumor
Nvidia to ship new AI chip for China next quarter, modified Blackwell later
asia.nikkei.com: [Excerpt] Nvidia to ship new AI chip for China next quarter, modified Blackwell later. Company says US restrictions 'shield' Huawei from competition in key market.
PALO ALTO, California/TAIPEI/HONG KONG - Nvidia will start shipping a modified chip for artificial intelligence applications to customers in China in coming months, its latest effort to stay in the Chinese market as Huawei steps up its own Al chip offerings and the U.S. tightens export restrictions, Nikkei Asia has learned.
The new chip will be a further downgraded chip based on the Hopper lineup that will not come with high-bandwidth memory
(HBM), a type of memory chip that is optimized for high-performance computing tasks like AI and supercomputing, according to three people familiar with the matter. The new chip will instead use GDDR7 (graphic double data rate) memory, in compliance with the U.S. export restrictions, according to one of the people.
cnbc.com (5/16/25): [Excerpt] “We are not sending any GPU designs to China to be modified to comply with export controls,” a spokesperson said in a statement to CNBC.
A source familiar with the matter told CNBC that the company is leasing new space for current employees, but is not sending any IP or GPU designs there. The source said this is a continuation of the company’s longstanding presence in China.
The Financial Times was the first to report the news, citing two sources familiar with the matter. CEO Jensen Huang discussed the potential new center with Shanghai’s mayor, Gong Zheng, during a visit last month, the FT reported.
The center will assess ways to meet U.S. restrictions while catering to the local market, although production and design will continue outside China, according to the report.
ft.com (): Nvidia plans Shanghai research centre in new commitment to China.
reuters.com: May 16 (Reuters) - Nvidia (NVDA.O), opens new tab is seeking to build a research and development center in China, and the company's top boss Jensen Huang discussed the plan with Shanghai's mayor Gong Zheng when they met in April, the Financial Times reported on Friday.
wccftech.com: NVIDIA Plans To Develop a New R&D Facility In Shanghai As Jensen Hopes To Rescue The Firm’s Drowning Business In China.
NVIDIA is currently offering its L20 AI chips to the Chinese markets, after the recent H20 restriction, and the company has plans to introduce new Hopper and Blackwell variants, complying with US regulations. However, major Chinese tech firms are now resorting to alternatives, such as those from Huawei, as the uncertainty with options from NVIDIA has bothered them to a point where they are forced to make a choice. So, it won't be wrong to say that Team Green is losing ground in China.
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☑️ #219 Apr 17, 2025
Yuyuan Tantian : Nvidia Chief Executive Jensen Huang arrived in Beijing on Thursday
Nvidia's CEO Jensen Huang made a low-profile trip to China, as he arrived in Beijing on an invitation by the China Council for the Promotion of International Trade, a media outlet owned by CCTV News reported. Huang visited China in January when he said the Chinese market is crucial for the US chip company.
"We hope to continue to cooperate with China," Huang stated during a meeting with Ren Hongbin, the head of the China Council for the Promotion of International Trade. Source: CCTV
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☑️ #218 Apr 14, 2025
[2] American-Made AI Supercomputers: World-leading partnerships list
blogs.nvidia.com: [Excerpts] NVIDIA Blackwell chip production starts in Arizona — NVIDIA opens first US factories.
[News; 3/4/25] [Excerpt] HSINCHU, Taiwan, R.O.C. Mar. 4, 2025 – TSMC (TWSE: 2330, NYSE: TSM) today announced its intention to expand its investment in advanced semiconductor manufacturing in the United States by an additional $100 billion. Building on the company’s ongoing $65 billion investment in its advanced semiconductor manufacturing operations in Phoenix, Arizona, TSMC’s total investment in the U.S. is expected to reach US$165 billion. The expansion includes plans for three new fabrication plants, two advanced packaging facilities and a major R&D team center, solidifying this project as the largest single foreign direct investment in U.S. history.
[Announcement] [Excerpt] (TAIPEI, TAIWAN) 2 April 2025 — Wistron made the following announcements after today's Board of Directors meeting.
1. Pursuant to last year’s AGM authorization, the Board approved filing with domestic regulators to issue up to 250 million new shares in the form of Global Depositary Receipts (GDRs). 2. To support business development and strategic growth, Wistron plans to invest USD 45 million in establishing a new U.S. subsidiary, Wistron InfoComm (USA) Corporation (WIUS). Additionally, WIUS plans to acquire land and facilities with a budget of up to USD 50 million. 3. Following the Board’s February resolution to lease a plant in Zhubei from Lan Fa Textile Co., Ltd. (聯發紡織纖維股份有限公司), Wistron plans to undertake building improvements within a budget of up to NT$1.881 billion to support business expansion.
[About] [Excerpt] Amkor’s operational base includes production facilities, product development centers and sales and support offices located in key electronics manufacturing regions in Asia, EMEA and the USA. As the original pioneers of the OSAT industry, Amkor Technology has helped define and advance the technology manufacturing landscape. Since 1968, we’ve delivered innovative packaging solutions with the service and capacity global customers rely on. We’re proud of what we’ve done and can’t wait to show you what’s next.
[News; 1/16/25] [Excerpt] The development of semiconductor assembly and test services is critical in meeting growing demand for AI processors. SPIL’s specialized technical expertise in advanced assembly and test services is pivotal in accelerating the development of new AI products. Beyond assembly services, SPIL offers comprehensive support including wafer sorting, final testing and burn-in services.
SPIL Company Profile:
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☑️ #217 Apr 14, 2025
[1] NVIDIA to Manufacture American-Made AI Supercomputers in US for First Time
blogs.nvidia.com: [Excerpts] NVIDIA Blackwell chip production starts in Arizona — NVIDIA opens first US factories.
Within the next four years, NVIDIA plans to produce up to half a trillion dollars of AI infrastructure in the United States through partnerships with TSMC, Foxconn, Wistron, Amkor and SPIL. These world-leading companies are deepening their partnership with NVIDIA, growing their businesses while expanding their global footprint and hardening supply chain resilience.
@nvidianewsroom: Within the next 4 years, NVIDIA plans to produce up to half a trillion dollars of AI infrastructure in the U.S. — partnering with TSMC, Foxconn, Wistron, Amkor & SPIL. We're meeting the demand for AI chips and supercomputers, strengthening supply chains, and boosting resiliency
@realDonaldTrump (update; 4/16/25): NVIDIA COMMITS 500 BILLION DOLLARS TO BUILD A.I. SUPERCOMPUTERS, PLUS, IN THE UNITED STATES, EXCLUSIVELY. This is very big and exciting news. All necessary permits will be expedited and quickly delivered to NVIDIA, as they will to all companies committing to be part of the Golden Age of America!
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☑️ #216 Apr 13, 2025 🟠 opinion
Malaysia is now dominating the Nvidia chip flow into Asia, and March has officially taken the crown as the biggest month ever for shipments to the country
@kakashiii111 : Nvidia Chip Shipments to Malaysia Skyrocket to Record Highs Despite U.S. Warnings — March 2025 Update.
On March 23, 2025, the Financial Times reported that U.S. officials asked Malaysia to monitor every shipment entering the country when it involves Nvidia chips. "[The U.S. is] asking us to make sure that we monitor every shipment that comes to Malaysia when it involves Nvidia chips", Malaysian Trade Minister Zafrul Aziz said.
But did Malaysia really start the monitor and crackdown? Let's assume U.S. officials approached Malaysian officials about a week before the FT published the report—which means Malaysia had half a month to start monitoring. That’s plenty of time to change the picture of the flows. I assume.
But if the data is any clue, they didn’t just ignore the officials—they hit the turbo button. March saw the highest flow of Nvidia chips ever recorded. Before we dive into the numbers, let’s roll out a short introduction.
Malaysia: A business-friendly haven for both Singapore and China, and for a few other countries less friendly to the U.S. It’s become the perfect intermediary for activities or goods you wouldn’t want authorities tracing back to their final destination—a bit of misdirection, if you will.
Now, when did Malaysia start receiving a lot of Nvidia shipments? If you look at the official data, things start to get interesting in November 2023—just when the second wave of GPU export restrictions kicked in. But since 2025, the picture has completely changed. The reveal of DeepSeek R1 shocked the world and forced U.S. officials—and Singaporeans—to examine the Singapore billing/shipping tunnels used by Nvidia and its partners.
So what did they do when the Singapore tunnel was about to close? Yep, you guessed right—boost Malaysia’s role in this routing.
Malaysia is now dominating the Nvidia chip flow into Asia, and March has officially taken the crown as the biggest month ever for shipments to the country.
Let’s talk numbers:
2022: $817 million
2023: $1.276 billion
2024: $4.877 billion — an increase of almost 300% YoY
March: a record-breaking $1.96 billion (!) — an astonishing 3,433% increase from 2023 to 2025 (!)
Total GPU flow from Taiwan to Malaysia in Q1 2025? $3.71 billion. If we take Nvidia’s estimated total revenue for Q1, Malaysia’s shipments alone make up almost 10% of the company’s estimated revenue in Q1 (!).
The unusual spike in chip flow to Malaysia could be the result of a few things: rushing to ship before U.S. tariffs hit, the crackdown of the Singapore tunnel, China stockpiling Blackwell GPUs before getting cut off—and so on.
But it all points to one simple conclusion: Malaysian officials didn’t really listen to U.S. officials, and maybe—just maybe—the BIS should take a second look at this route.
Google DeepMind and NVIDIA are working to build trust in generative AI through content transparency.
To power research and AI production efforts for its customers, Alphabet’s Google Cloud will be among the first to adopt the NVIDIA GB300 NVL72 rack-scale solution and NVIDIA RTX PRO™ 6000 Blackwell Server Edition GPU, also announced today at GTC.
NVIDIA will be the first industry partner to adopt SynthID, a Google DeepMind AI technology that embeds digital watermarks directly into AI-generated images, audio, text or video.
@RealJimChanos: Don’t know if this deal happens, and it’s not particularly big, but trying to buyout your resellers is usually a huge red flag. It’s often a way to bury inventory costs and/or avoid receivables provisioning. NVDA 0.00%↑
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@RealJimChanos: (2) Just to be clear, these kinds of deals w/customers and distributors do not necessarily have to be material in size to be material in impact, since near the end-of-cycles managements know that missing guidance by even a few pennies can be disastrous. So the get more creative.
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@RealJimChanos (3) And of course “investing” hundreds of millions of dollars in one of your customers, so that company can turn around and buy your chips is right out of the 1999-2000 Lucent Ventures playbook. $NVDA$CRWV
Lepton AI Cloud offers a cutting-edge, cloud-native AI platform with high-performance computing, efficient AI inference and training, and a reliable infrastructure tailored for enterprise use.
Use Cases:
SciSpace.com: The Fastest Research Platform Ever. All-in-one AI tools for students and researchers.
Discussing the state of the art in quantum computing, NVIDIA founder and CEO Jensen Huang will share the stage with executives from industry leaders, including:
NVIDIA, Alphabet and Google Collaborate to Drive Future of Agentic and Physical AI
googlecloudpresscorner.com: [Excerpt] Joint Initiatives Span Infrastructure and Open Model Optimizations, Offer Major Strides in Robotics, Drug Discovery and More.
nvidianews.nvidia.com: [Excerpts] NVIDIA Blackwell Ultra AI Factory Platform Paves Way for Age of AI Reasoning.
Top Computer Makers, Cloud Service Providers and GPU Cloud Providers to Boost Training and Test-Time Scaling Inference, From Reasoning to Agentic and Physical AI.
New Open-Source NVIDIA Dynamo Inference Software to Scale Up Reasoning AI Services With Leaps in Throughput, Faster Response Time and Reduced Total Cost of Ownership.
NVIDIA Spectrum-X Enhanced 800G Ethernet Networking for AI Infrastructure Significantly Reduces Latency and Jitter.
GTC—NVIDIA today announced the next evolution of the NVIDIA Blackwell AI factory platform, NVIDIA Blackwell Ultra — paving the way for the age of AI reasoning.
NVIDIA Blackwell Ultra Enables AI Reasoning
The NVIDIA GB300 NVL72 connects 72 Blackwell Ultra GPUs and 36 Arm Neoverse-based NVIDIA Grace CPUs in a rack-scale design, acting as a single massive GPU built for test-time scaling. With the NVIDIA GB300 NVL72, AI models can access the platform’s increased compute capacity to explore different solutions to problems and break down complex requests into multiple steps, resulting in higher-quality responses.
Source: NVIDIA Corporation
Blackwell Ultra includes the NVIDIA GB300 NVL72 rack-scale solution and the NVIDIA HGX B300 NVL16 system.
@wallstengine: HERE'S WHAT ANALYSTS HAVE TO SAY AFTER $NVDA'S GTC KEYNOTE 2025
Citi (Buy, PT: $163)
"Jensen Huang (CEO of NVIDIA) delivered the GTC keynote today. Three key points jumped out to us: 1) NVIDIA is adding more color to its TAM expectations with total annual capex reaching $1T by 2028 as both inference and training continue to require more compute. 2) Blackwell is not only back on track, it is outperforming expectations with units (individual dies) from top 4 US hyperscalers already reaching 3.6M in 2025, 2.8x vs. Hopper’s peak year. 3) The company reminded investors that it is leading inference and is not stepping its foot off the gas with a blisteringly fast compute roadmap (B300, Rubin, Rubin Ultra), software leadership (e.g. Dynamo), and networking innovation (CPO). Net-net, we came out of the keynote reassured in NVIDIA’s leadership which, if anything, seems to be expanding. We view positively NVIDIA’s push for inference, which per company comments now requires significantly more compute. Maintain Buy."
Morgan Stanley
"Our preliminary conclusions are positive. We aren't sure what's going to shift the market from taking a glass-half-empty view of this situation, but the demand picture will stay strong through the visibility window. The concerns we hear that ASICs are causing competitive and margin pressure are going to vanish fairly quickly when they materially outgrow ASIC competition in 2H, as gross margins return to the mid-70s. The stock trades at a P/E discount to direct peers. We expect the company to have a very confident tone in the Q&A in the morning, in contrast to the somewhat more restrained management view at CES when there were supply chain and Hopper challenges. The risk, of course, is government export controls, which appear likely. However, we remain optimistic that the limitations will be mostly China-specific and that requiring licenses in so-called 'tier 2 countries' will be limited. We remain OW, stock remains our top pick in semis."
BofA (Buy, PT: $200)
"We maintain Buy, $200 PO following a slate of product/partner announcements at the flagship GTC conference in addition to a post-keynote meeting with the CFO that demonstrated NVDA continuing to deepen its competitive moat in a $1T+ infrastructure/services TAM. We were excited by: 1) Structural uplift in demand in part fueled by over 100x greater compute intensity for inference evidenced by 1.8M Blackwell packages (each package = 2 GPUs) shipped/ordered to date vs. 1.3M Hopper units total in 2024 across top 4 CSPs. 2) New Blackwell Ultra, Rubin, and Rubin Ultra silicon/server/system platforms pointing to an unmatched roadmap as Rubin advances AI performance 900x (scale-up FLOPs) over Hopper (Blackwell is 68x) in a TCO-optimized way. 3) New CPO-based Spectrum-X and Quantum-X switches bolster networking edge and advance scale-out to +1M GPU clusters. 4) Physical AI TAM expansion progress with key announcements in robotics and AVs. 5) CFO discussions suggested confidence in GM recovery to mid-70% in 2H as Blackwell ramps. Overall, NVDA continues to dominate the AI value chain with its full-stack turnkey (hardware, software, systems, services, developers) model."
KeyBanc (Overweight, PT: $190)
"Today, NVDA CEO Jensen Huang kicked off GTC with a keynote speech with announcements largely in line with expectations heading into the event. Key takeaways: 1) Announced Blackwell Ultra (GB300) NVL72, which is expected to be 1.5x performance of GB200 NVL72 and is expected to be available in 2H25. 2) Announced Vera Rubin NVL144, with Vera being the next-gen ARM-based CPU and Rubin being the next-generation GPU, with 144 GPUs per rack and performance expected to be 3.3x GB300 NVL72 and expected 2H26. 3) Announced Co-packaged Optical (CPO) at 1.6TB, expected to ship in 2H25. NVDA continues to push the envelope on performance with its annual cadence roadmap, such that it remains the clear leader in AI. Maintain Overweight."
Stifel (Buy, PT: $180)
"The GTC Keynote featured updates on next-gen Blackwell Ultra, Rubin, and Rubin Ultra architectures. The Keynote also featured the launch of Dynamo – NVDA's inferencing software designed for the optimization of reasoning models within data centers, which was described as the operating system for AI Factories. As was widely expected, Mr. Huang also touched on scale-out networking with the formal announcement of silicon photonics/co-packaged optics Quantum-X and Spectrum-X switches. On the enterprise infrastructure front, NVDA announced the DGX Spark and DGX Station PCs, offering AI capabilities and performance in a desktop form factor. Continued full-stack infrastructure development is targeted at evolving reasoning models and agentic AI, which NVDA believes will drive 10-100x compute intensity."
Wells Fargo (Overweight, PT: $185)
"While much of what was announced had been somewhat anticipated, we think NVIDIA's continued full stack/platform innovation was once again showcased; NVDA is solidly in a league of its own. NVDA's scale-up capabilities with networking innovations (co-packed optics/SiPho; NVLink evolution)—enabling racks of 576 GPUs per rack—is a key/significant competitive advantage that could drive incremental improvements in perf/tokens/$, broadening end-market applications."
Cantor Fitzgerald (Neutral, PT: $200)
"It’s tough not to be impressed. The excitement at GTC is palpable, and advancements being made in AI are truly amazing. The absolute key focus was on the extreme computing needed for inference at scale and the work NVDA is doing to enable the proliferation of greater intelligence (i.e., reasoning) across applications/verticals. At the crux of everything here is NVDA’s work in combining its best-in-class hardware with software initiatives, such as the newly announced Dynamo software stack that acts as the OS for AI factories, and when combined with Blackwell offers ~40x inference improvement vs. the prior-generation Hopper."
Raymond James (Strong Buy, PT: $170)
"During the keynote, NVDA’s CEO sounded highly confident about data center capex growth sustaining (to exceed $1T by 2028), and highlighted the company’s opportunities in Inferencing, Agentic AI, and Robotics. Blackwell demand remains strong, driven by top 4 CSPs. Blackwell Ultra is on track for 2H25 shipments and management sees a smooth transition. Vera Rubin NVL144 is on track for 2H26 and Rubin Ultra NVL576 for 2H27, with performance specs that would be hard to match, in our view. Overall, we walked away comfortable with long-term AI demand and continue to be impressed with NVDA’s roadmap & technology innovation. Reiterate Strong Buy."
Bernstein SocGen Group (Outperform, PT: $185)
"Nothing hugely surprised given all the pre-event speculation, but we still thought it sounded good. The roadmap looks really solid, and their capability gap vs competitors across their entire massive stack continues to widen. And the company still seems positive on datacenter growth, calling for $1T+ in datacenter capex by 2028 while capturing an increasing share of it. It is still NVIDIA’s game to lose, and they don’t appear to be losing..."
Deutsche Bank (Hold, PT: $145)
"NVDA remains highly bullish about the future of AI compute spend, with its expectations for inference-related compute needs having 100x'd since last year's GTC. NVDA sees a continued need for AI compute solutions to 'scale-up', and introduced several technological innovations which should drive this trend forward (sophisticated GPU roadmap, disaggregated NVLink switches, NVDA 'Dynamo' OS for AI factories, co-packaged silicon photonics options, etc.)."
UBS
"The first thing that hit us is the sheer volume of people competing to get into each panel at this event - it is, in our experience, extraordinary. NVDA's edge AI panel highlighted the sheer breadth of its offerings spanning service provider, enterprise, industrial, embedded, and physical AI. Investors have lately often said 'nobody makes much money yet from AI' but IBM's panel on ROI of accelerated computing showcased $3.5 billion in annual savings exiting C2024 via improved productivity."
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☑️ #210 Mar 17-21, 2025
GTC March 2025 Keynote with NVIDIA CEO Jensen Huang
@NVIDIA: Watch NVIDIA CEO Jensen Huang’s GTC keynote to catch all the announcements on AI advances that are shaping our future. Dive into the announcements and discover more content at https://www.nvidia.com/gtc
[3/18/25]
+ Related content:
@nvidianewsroom (3/17/25): A week full of big announcements — starting with this one. Welcome to the NVIDIA Newsroom.
@YahooFinance : Nvidia GTC 2025 preview: Key themes to watch.
Join us Tuesday, March 18, at 10 a.m. PT as our CEO Jensen Huang unveils what's next in AI at #GTC25. Register to attend the keynote in person at the SAP Center, or tune in to the livestream virtually.
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☑️ #210 Mar 16, 2025 🔴 rumor
Before the full jump to optical
@ChipsandWafers: With rumors circulating that $NVDA will not adopt CPO in earnest for #AI until '27, Active Electric Cables (AEC) are being considered as a replacement for passive copper wires before the full jump to optical. Most people know $MRVL does AEC, but the real pure play here is $CRDO.
@TheValueist (3/15/25): I don’t know how, but in a matter of two weeks everyone is totally horned up on Co-Packaged Optics. Here is the ecosystem from a CPO primer Jefferies put out. $NVDA$AVGO$MRVL$COHR$LITE$TSM
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☑️ #209 Mar 12, 2025 🟠 opinion
Cheap enough or can still get cheaper?
@DavidInglesTV: $NVDA now trading at 23x, lowest multiple in 6 years and a full standard deviation below the 10-year mean. Cheap enough or can still get cheaper?
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☑️ #207 Feb 28, 2025 🟠 opinion
MI355X, the NVDA killer in the retail segment
@HyperTechInvest: $AMD Presented today the $NVDA killer in the retail segment In 6 months they’ll present the $NVDA killer in the data center segment.
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☑️ #206 Feb 26, 2025 🟠 opinion
H100: Percent of Minutes in Hour with On-Demand Availability
@GavinSBaker: On-demand H100s have gone from being available 95%ish of the time in early January before the release of Deepseek R1 to only being available 15% of the time today per this great dataset from @3F_Research
@The_AI_Investor: Interesting that NVIDIA had been repurchasing shares in the ~$140 range until January 26, 2025. Then, following the Deepseek selloff on January 27: "From January 27, 2025 through February 21, 2025, we repurchased 29 million shares for $3.7 billion pursuant to a pre-established trading plan." Jensen was like, “WTF, I’m buying my shares back.” As Nvidia shareholders, we can be sure even Jensen enjoys “buying the dips.” :
@kakashiii111: After some concerns were raised by certain individuals regarding Singapore's revenue, NVIDIA added a disclaimer for the first time in its Q1 2024 10-Q filing. The disclaimer stated that Singapore is essentially a billing location, and the actual goods were shipped to other countries. Naturally, these concerns have continued to be raised by me and others, and eventually, the "DeepSeek moment" occurred, forcing the officials to investigate these revenues. Since then, everyone has been asking about the Singapore revenue.
As a result, PwC, in a stroke of "brilliance" with Nvidia, came up with a creative solution. In this 10-K, they decided to create their own definition for the SEC’s Regulation S-K and U.S. GAAP requirements regarding revenue associated with geographic areas.
Instead of showing revenue from foreign customers or countries that constitute a significant part of their materials—like every other public company is required to do—they decided to fulfill this requirement by renaming the section from "Revenue" to "Geographic Revenue Based Upon Customer Billing Location." (!)
Now, how will investors know where the products are actually sold? How will investors understand which geographic locations are at risk due to regulations, wars, or other factors in different countries?
Investors will now have to guess where these customer billing locations are actually tied to and where the products are being shipped.
And if they can't guess correctly, don’t blame NVIDIA—it’s their fault for not knowing how to associate the customer billing location with the actual shipping destination.
It's just amazing
☑️ #204 Feb 25, 2025
Cisco and NVIDIA are planning to develop joint solutions
investor.cisco.com [Excerpts] Bringing together two of the most utilized networking portfolios, Cisco Silicon One and NVIDIA Spectrum-X, will offer enterprises unmatched flexibility and choice in AI data center investments.
SAN JOSE, Calif., Feb. 25, 2025 /PRNewswire/ -- Cisco (NASDAQ: CSCO) today announced plans for an expanded partnership with NVIDIA to provide AI technology solutions to enterprises. Enterprises recognize that AI is essential to growth but remain early in their adoption as they navigate the unique technical complexity and security demands of operating AI-ready data centers. The expanded partnership aims to give organizations flexibility and choice as they look to meet the demand of AI workloads for high-performance, low-latency, highly power-efficient connectivity within – and between – data centers, clouds, and users.
Today, Cisco and NVIDIA are planning to develop joint solutions for customers.
Cisco will develop data center switches with the NVIDIA Spectrum Ethernet platform. The open ecosystem approach will provide customers with more choices and flexibility. Organizations can standardize on the NVIDIA Spectrum-X networking platform with both Cisco and NVIDIA switch silicon-based architectures, bringing the industry-leading technologies from both companies under a single management fabric.
Cisco will collaborate with NVIDIA to create and validate NVIDIA Cloud Partner (NCP) and Enterprise Reference Architectures based on NVIDIA Spectrum-X with Cisco Silicon One, Hyperfabric, Nexus, UCS Compute, Optics, and other Cisco technologies.
Cisco and NVIDIA are committed to collaboration and joint development, aiming to deliver the highest-performing Ethernet solutions for customers. The companies plan for continued collaboration to address significant challenges like congestion management and load balancing so that customers can scale and secure AI deployments.
Lambda is the #1 GPU Cloud for ML/AI teams training, fine-tuning and inferencing AI models, where engineers can easily, securely and affordably build, test and deploy AI products at scale.
Our product portfolio spans from on-premise GPU hardware to hosted GPUs in public and private clouds, servicing researchers, AI-native companies and enterprises world-wide.
@LambdaAPI (2/13/25): All we know is we're good for our NVIDIA HGX B200s.
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☑️ #202 Jan 31, 2025
A probable profit-warning if the answer is affirmative: Did DeepSeek illegally buy Nvidia's chips?
@KobeissiLetter: Did DeepSeek illegally buy Nvidia's chips? Since DeepSeek was founded, Nvidia's sales to Singapore are up a WHOPPING +740%. The US is now PROBING if DeepSeek bought Nvidia's GPUs through third parties in Singapore. This will have MASSIVE implications. (a thread)
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@KobeissiLetter: On Monday morning, when the market collapsed on DeepSeek worries, Elon Musk commented on the situation. He says, DeepSeek “obviously” has ~50,000 Nvidia H100 chips that they can’t talk about due to US export controls. These chips cost over $30,000 EACH.
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@KobeissiLetter: Our team looked into Nvidia's financial statements and found this interesting line. Nvidia says "the end customer and shipping location may be different from our customer's billing location." They specifically note how shipments to Singapore end up in OTHER locations.
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@KobeissiLetter: Over the last 3 quarter, Nvidia has produced more revenue from sales to Singapore than China. A whopping $17.4 BILLION of revenue came from Singapore versus $11.6 billion from China. Between the 2 countries, sales are roughly ~32% of Nvidia's overall revenue.
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@KobeissiLetter: Nvidia's sales to Singapore surged a massive +185% year-over-year in their most recent quarter. The CAGR on revenue to Singapore since Q1 2021 has been +278%, more than DOUBLE the US CAGR of +133%. It's also more than 5 TIMES China's CAGR of +47%.
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@KobeissiLetter: It gets even crazier. Check out their Q2 2024 earnings results where Nvidia saw a "casual" +535.6% YoY increase in sales from companies "in Singapore." Again, the only criteria to be included as a sale to Singapore is to have a billing address in the country. Very strange.
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@KobeissiLetter: Naturally, the next though is that maybe Singapore is actually using these chips. Perhaps Singapore is becoming the next datacenter hub or an AI-friendly country. So, we decided to look into data centers by country and see if this supports the recent surge in revenue.
<>
@KobeissiLetter: Well, it gets even worse. While the US has 5,000+ data centers and China has nearly 500, Singapore doesn't even beat Poland. In fact, Singapore has a whopping *99* datacenters, not even enough to make the top 20 list. So, where are all of these GPUs going then?
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@KobeissiLetter: Note that China is currently importing more chips from Singapore than the United States. Not only have imports from Singapore surged in recent years, but the gap has widened. Keep in mind, this data likely understates imports from Singapore given a lot of data is not public.
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@KobeissiLetter: This begins a US investigation that will have huge implications on both innovation and markets. If the US decides to restrict sales to Singapore, 20% of Nvidia's revenue is at risk. Things are heating up. Follow us @KobeissiLetter for real time analysis as this develops.
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☑️ #201 Jan 27, 2025
DeepSeek’s overnight: Sell-off and damage control
@Barchart: Nvidia $NVDA plummeting more than 10% in overnight trading resulting a market cap loss of $350 Billion. Ouchies.
+ Related content:
@mosaicassetco: NVDA setting records…just not the good kind.
If it holds, NVDA would set the record for largest single-day market cap loss in history.
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