据报道,Nvidia Blackwell 机架面临“过热问题”,表明大客户的主要担忧
Nvidia Blackwell Racks Reportedly Face "Overheating Problems," Signaling Major Concern From Big Customers

原始链接: https://www.zerohedge.com/technology/nvidia-blackwell-racks-reportedly-face-overheating-problems-signaling-major-concern-big

在英伟达公布收益报告之前,有报道称该公司的新型 Blackwell 显卡面临过热问题。 这促使对存储卡的机架进行了多次设计更改,引发了客户对潜在延误的担忧。 然而,Nvidia 预计在 2023 年中期交付机架,与最初的时间表保持一致。 包括 Meta、微软和 xAI 在内的主要客户正在等待新的 Blackwell 机架。 高盛分析师 Toshiya Hari 预测,在 Blackwell 产能扩张的推动下,英伟达下一季度的收入和盈利将强劲。 投资者持乐观态度,每股期权与财报公布后的股价分别为 155 美元和 162.50 美元。 尽管前景乐观,但内部人士一直在抛售股票,空头利息仍低至流通股的 1%。 英伟达周三的收益报告将提供对这些发展的进一步见解。

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原文

Ahead of Nvidia's earnings report on Wednesday after the bell, a new report from The Information reveals that the world's most valuable company has requested suppliers to redesign the racks for new Blackwell graphics cards to address overheating issues. 

According to the report...

In recent months, Nvidia has asked its suppliers to change the design of the racks several times as it has tried to overcome the overheating problems, according to Nvidia employees who have been working on the issue, as well as several customers and suppliers with knowledge of it. Word of the repeated design changes has sparked anxiety among customers about a potential delay in when they will be able to use the racks.

In August, Bloomberg reported that Nvidia's highly anticipated Blackwell series of AI chips encountered "engineering snags," which signifies the mounting challenges of meeting customer demand for its AI GPUs. 

Here's more from The Information: 

Now, though, some big customers are concerned. While Nvidia often changes its server designs before launch, changes to the Blackwell racks have come late in the production process, according to several customers and suppliers. However, Nvidia may still be able to deliver the racks to customers by the end of the first half next year, in line with its original schedule, and it hasn't notified customers of a delay.

Meta Platforms, Elon Musk's xAI, and Microsoft are some of Nvidia's largest customers. Next year (likely in the second half), Nvidia will deliver new Blackwell racks to server farms.

The Information's report comes ahead of a major earnings catalyst for the world's most valuable company on Wednesday after the bell. 

Goldman's Toshiya Hari recently published a note on Nvidia, indicating "GS Research is bullish here..." 

  • GS Research is bullish here as Toshi models $34.3bn (+14% qoq, +90% yoy) in revenue, 75.4% in non-GAAP gross margin (excl. SBC) and $0.79 in non-GAAP EPS (excl. SBC) - all above cons. The magnitude of Nvidia's revenue beats have narrowed over the last few quarters, but could expand again in CY2025 driven by Blackwell. Though Toshiya expects FY1Q to be the true 'break out' quarter in which the ramp of Blackwell coupled with improved supply-side conditions drives meaningful positive EPS revisions, he expects FY3Q guidance and management commentary on the earnings call to support his constructive thesis. Four of Nvidia's largest customers (GOOGL, META, MSFT and AMZN) reported earnings with GOOGL, MSFT and AMZN explicitly stating or implying that supply, not demand, remains a constraining factor.

  • Investor sentiment skews positive into results on Nov 20th (desk thinks sentiment = 9 out of 10, up from last qtr) with investors focused on the upcoming Blackwell product ramp as well as broader commentary around visibility and ROIs / use-cases for GenAI (think: Agents / Assistants, robotaxis, etc). Into CY25, key debates on the stock are around linearity of spending as LLMs continue to scale, customer diversification (think: Enterprise, Sovereigns) and margins (GMs/mix + Opex/R&D). Hedge funds have net bought AI stocks since October, and investors for the most part plan to maintain long positions.

In recent sessions, some of Nvidia's most active options have been calls linked to shares soaring to $155 and $162.50 after earnings. Nvidia shares closed Friday at $141.98. Shares are up 187% on the year. About 1% of the float is short.

Shares are about 2% lower in premarket trading.

Meanwhile, insiders have been dumping shares...

All eyes will be on Nvidia ER on Wednesday. 

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