NVIDIA earnings report eve! Morgan Stanley: B200 can ensure fourth-quarter performance, no need to worry about heat dissipation issues, B300 is under evaluation

Wallstreetcn
2024.11.20 09:39
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Analysts believe that the stable production of the B200 chip can ensure NVIDIA meets its previous financial guidance; concerns in the market regarding the heat issues of the Blackwell chip have been exaggerated, and there are currently no signs of any delays in chip shipments

Ahead of NVIDIA's earnings report, Morgan Stanley released an optimistic report.

Analysts believe that NVIDIA is expected to release relatively good data in this week's earnings report. The stable output of the B200 can ensure that NVIDIA meets its previous quarterly guidance. Concerns in the market regarding the overheating issue of NVIDIA's Blackwell chips have been exaggerated, and there are currently no signs of any delays in chip shipments.

Morgan Stanley's senior semiconductor analyst Joseph Moore stated in a research report on November 18 that from the perspective of the Asian supply chain, the output of Blackwell B200 has become more stable, with an expected output of about 300,000 units in the fourth quarter of 2024 and 800,000 units in the first quarter of 2025. The stable shipment of B200 should ensure that NVIDIA meets its previous quarterly guidance in this week's earnings report.

Analysts stated that the previously reported overheating issue of Blackwell has not affected chip shipments, and there are currently no signs of shipment delays.

Previous media reports indicated that NVIDIA's next-generation Blackwell processors face overheating challenges when installed in high-capacity server racks. The overheating issue has led to design changes and delays, raising concerns among customers such as Google, Meta, and Microsoft about whether they can deploy Blackwell servers on time.

Regarding the B300 chip, Morgan Stanley analysts noted that some cloud service providers (CSPs) have begun to pay attention to the B300, which has three key specification updates, including compatibility with x86 CPUs (still requiring PCI-E interfaces and related components), the introduction of supercapacitors, and BBU solutions for power issues. The specification upgrades of the B300 will benefit suppliers providing new components, and the flexibility in component procurement will create more value for the supply chain.

In terms of capital expenditure, Morgan Stanley believes that the sustained cash flow of large overseas cloud service providers will help maintain stability in capital expenditures. The ratio of capital expenditure to EBITDA is expected to stabilize at 40% in the future.

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