Nvidia Guidance Likely to Be Driven by H200 Demand, Morgan Stanley Says

Seeking Alpha08-26

Nvidia (NASDAQ:NVDA) is slated to report second-quarter results after the close of trading on Wednesday, and investor attention will be on both the results and the guidance. Morgan Stanley believes ...

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Dr Rck
·08-27
If NVDA is positive, most stocks that have a stake in it will rise like Tesla, etc
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Morgan Stanley believes ...</p>\n\n<a href=\"https://seekingalpha.com/news/4143753-nvidia-guidance-likely-to-be-driven-by-h200-demand-morgan-stanley-says\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00BHPRN162.USD","symbol_name":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","start_time":0,"source_url":"https://seekingalpha.com/news/4143753-nvidia-guidance-likely-to-be-driven-by-h200-demand-morgan-stanley-says","article_id":"2462160339","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2462160339","pubTimestamp":1724682600,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Nvidia (NASDAQ:NVDA) is slated to report second-quarter results after the close of trading on Wednesday, and investor attention will be on both the results and the guidance. 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Morgan Stanley believes the guidance will be driven by demand for its H200 chips, even in light of a slight delay in its upcoming Blackwell line of GPUs.\"So for at least some customers, the preference has been to get more Hoppers, where supply was starting to ramp down,\" analyst Joseph Moore wrote in an investor note. \"So as HBM3e is the binding constraint, that supply can be shifted over to Hopper to drive up higher H200 volume. The H200 (essentially a midlife kicker for Hopper with higher memory content and a shift to HBM3e) has been popular, but has been bottlenecked by HBM3e allocation to hoppers.\"Moore has an Overweight rating and $144 price target on Nvidia.Turning to Blackwell, Moore said there is likely to be \"some volume\" in the coming quarter, with a \"more material ramp\" in the quarter after that. A number of third-parties, including Super Micro Computer (SMCI) Chief Executive Officer Charlies Liang, have all but confirmed that Blackwell line of GPUs will be a delayed slightly.\"We expect initial volumes in the October quarter, as the initial product is functional but with somewhat lower yields, and we still expect a volume ramp of the next revision of silicon through January - all of which is still within the broad brush strokes of guidance,\" Moore added.Nvidia's Blackwell line was introduced in March 2024 at the company's annual GTC event.Despite the slight delay for Blackwell, customer enthusiasm for the product line is \"at very high levels,\" Moore said, despite other companies such as AMD (AMD) and Intel (INTC) making inroads into the artificial intelligence accelerator market.China rampWhile much attention will be placed on the H200 and Blackwell offerings, Nvidia's continued presence in China — via its H20 GPU — is also likely to warrant some attention, Moore said.\"Per our checks in Asia a few weeks ago, we think that H20 builds have increased to something like 1.2 million units for the year, at an average selling price of $13-$15k,\" Moore explained. \"We're not sure that they sell all of that, but demand for the H20 does appear to be strong per conversations with China hyperscalers, so we see H20 as more than $10 [billion] of revenues over the next three quarters. The gross margins of H20 are lower, which is one of the reasons for guidance for some margin compression (the other reason was the lower margins of Blackwell products). But we think that this is getting blown out of proportion.\"","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[{"id":342763491868848,"gmtCreate":1724689094544,"gmtModify":1724689099349,"author":{"id":"3576157343730083","authorId":"3576157343730083","name":"Dr Rck","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":7,"crmLevelSwitch":0,"authorIdStr":"3576157343730083","idStr":"3576157343730083"},"htmlText":"If NVDA is positive, most stocks that have a stake in it will rise like Tesla, etc","listText":"If NVDA is positive, most stocks that have a stake in it will rise like Tesla, etc","text":"If NVDA is positive, most stocks that have a stake in it will rise like Tesla, etc","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/342763491868848","repostId":2462160339,"repostType":2,"repost":{"id":"2462160339","pubTimestamp":1724682600,"share":"https://ttm.financial/m/news/2462160339?lang=&edition=fundamental","pubTime":"2024-08-26 22:30","market":"us","language":"en","title":"Nvidia Guidance Likely to Be Driven by H200 Demand, Morgan Stanley Says","url":"https://stock-news.laohu8.com/highlight/detail?id=2462160339","media":"Seeking Alpha","summary":"Nvidia (NASDAQ:NVDA) is slated to report second-quarter results after the close of trading on Wednesday, and investor attention will be on both the results and the guidance. Morgan Stanley believes th","content":"<html><head></head><body><p style=\"text-align: left;\">Nvidia (NASDAQ:NVDA) is slated to report second-quarter results after the close of trading on Wednesday, and investor attention will be on both the results and the guidance. Morgan Stanley believes the guidance will be driven by demand for its H200 chips, even in light of a slight delay in its upcoming Blackwell line of GPUs.</p><p style=\"text-align: left;\">&#34;So for at least some customers, the preference has been to get more Hoppers, where supply was starting to ramp down,&#34; analyst Joseph Moore wrote in an investor note. &#34;So as HBM3e is the binding constraint, that supply can be shifted over to Hopper to drive up higher H200 volume. The H200 (essentially a midlife kicker for Hopper with higher memory content and a shift to HBM3e) has been popular, but has been bottlenecked by HBM3e allocation to hoppers.&#34;</p><p style=\"text-align: left;\">Moore has an Overweight rating and $144 price target on Nvidia.</p><p style=\"text-align: left;\">Turning to Blackwell, Moore said there is likely to be &#34;some volume&#34; in the coming quarter, with a &#34;more material ramp&#34; in the quarter after that. A number of third-parties, including Super Micro Computer (SMCI) Chief Executive Officer Charlies Liang, have all but confirmed that Blackwell line of GPUs will be a delayed slightly.</p><p style=\"text-align: left;\">&#34;We expect initial volumes in the October quarter, as the initial product is functional but with somewhat lower yields, and we still expect a volume ramp of the next revision of silicon through January - all of which is still within the broad brush strokes of guidance,&#34; Moore added.</p><p style=\"text-align: left;\">Nvidia&#39;s Blackwell line was introduced in March 2024 at the company&#39;s annual GTC event.</p><p style=\"text-align: left;\">Despite the slight delay for Blackwell, customer enthusiasm for the product line is &#34;at very high levels,&#34; Moore said, despite other companies such as AMD (AMD) and Intel (INTC) making inroads into the artificial intelligence accelerator market.</p><h2 id=\"id_806858583\" style=\"text-align: left;\">China ramp</h2><p style=\"text-align: left;\">While much attention will be placed on the H200 and Blackwell offerings, Nvidia&#39;s continued presence in China — via its H20 GPU — is also likely to warrant some attention, Moore said.</p><p style=\"text-align: left;\">&#34;Per our checks in Asia a few weeks ago, we think that H20 builds have increased to something like 1.2 million units for the year, at an average selling price of $13-$15k,&#34; Moore explained. &#34;We&#39;re not sure that they sell all of that, but demand for the H20 does appear to be strong per conversations with China hyperscalers, so we see H20 as more than $10 [billion] of revenues over the next three quarters. The gross margins of H20 are lower, which is one of the reasons for guidance for some margin compression (the other reason was the lower margins of Blackwell products). But we think that this is getting blown out of proportion.&#34;</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nvidia Guidance Likely to Be Driven by H200 Demand, Morgan Stanley Says</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNvidia Guidance Likely to Be Driven by H200 Demand, Morgan Stanley Says\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-08-26 22:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/4143753-nvidia-guidance-likely-to-be-driven-by-h200-demand-morgan-stanley-says><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nvidia (NASDAQ:NVDA) is slated to report second-quarter results after the close of trading on Wednesday, and investor attention will be on both the results and the guidance. Morgan Stanley believes ...</p>\n\n<a href=\"https://seekingalpha.com/news/4143753-nvidia-guidance-likely-to-be-driven-by-h200-demand-morgan-stanley-says\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IE00BHPRN162.USD":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","BK4170":"电脑硬件、储存设备及电脑周边","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","BK4529":"IDC概念","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","BK4532":"文艺复兴科技持仓","BK4592":"伊斯兰概念","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU0971096721.USD":"富达环球金融服务 A","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","BK4534":"瑞士信贷持仓","BK4585":"ETF&股票定投概念","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","BK4587":"ChatGPT概念","NVDA":"英伟达","BK4535":"淡马锡持仓","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","BK4527":"明星科技股","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","BK4588":"碎股"},"source_url":"https://seekingalpha.com/news/4143753-nvidia-guidance-likely-to-be-driven-by-h200-demand-morgan-stanley-says","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2462160339","content_text":"Nvidia (NASDAQ:NVDA) is slated to report second-quarter results after the close of trading on Wednesday, and investor attention will be on both the results and the guidance. Morgan Stanley believes the guidance will be driven by demand for its H200 chips, even in light of a slight delay in its upcoming Blackwell line of GPUs.\"So for at least some customers, the preference has been to get more Hoppers, where supply was starting to ramp down,\" analyst Joseph Moore wrote in an investor note. \"So as HBM3e is the binding constraint, that supply can be shifted over to Hopper to drive up higher H200 volume. The H200 (essentially a midlife kicker for Hopper with higher memory content and a shift to HBM3e) has been popular, but has been bottlenecked by HBM3e allocation to hoppers.\"Moore has an Overweight rating and $144 price target on Nvidia.Turning to Blackwell, Moore said there is likely to be \"some volume\" in the coming quarter, with a \"more material ramp\" in the quarter after that. A number of third-parties, including Super Micro Computer (SMCI) Chief Executive Officer Charlies Liang, have all but confirmed that Blackwell line of GPUs will be a delayed slightly.\"We expect initial volumes in the October quarter, as the initial product is functional but with somewhat lower yields, and we still expect a volume ramp of the next revision of silicon through January - all of which is still within the broad brush strokes of guidance,\" Moore added.Nvidia's Blackwell line was introduced in March 2024 at the company's annual GTC event.Despite the slight delay for Blackwell, customer enthusiasm for the product line is \"at very high levels,\" Moore said, despite other companies such as AMD (AMD) and Intel (INTC) making inroads into the artificial intelligence accelerator market.China rampWhile much attention will be placed on the H200 and Blackwell offerings, Nvidia's continued presence in China — via its H20 GPU — is also likely to warrant some attention, Moore said.\"Per our checks in Asia a few weeks ago, we think that H20 builds have increased to something like 1.2 million units for the year, at an average selling price of $13-$15k,\" Moore explained. \"We're not sure that they sell all of that, but demand for the H20 does appear to be strong per conversations with China hyperscalers, so we see H20 as more than $10 [billion] of revenues over the next three quarters. The gross margins of H20 are lower, which is one of the reasons for guidance for some margin compression (the other reason was the lower margins of Blackwell products). But we think that this is getting blown out of proportion.\"","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":12,"commentSize":1,"repostSize":1,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false}}