Nvidia: Delay in Blackwell is only a tactical setback. Upgrading to Buy, $120 TP.
Since the peak of June, Nvidia’s stock has pulled back by 26%, underperforming most other semiconductor stocks exposed to datacenter AI. We find the correction healthy overall, recognize some limited and tactical headwinds specific to Nvidia, but overall see the stock moves as an opportunity to gain more exposure. We upgrade Nvidia to Buy, $120TP.NVIDIA engages in graphics processing unit (GPU)-based visual computing and accelerated computing platforms. The company has two segments, GPU and Tegra Processor, which are based on a single underlying architecture. The company's GPU product brands are aimed at markets including GeForce for gamers; Quadro for designers; Tesla and DGX for artificial intelligence data scientists and big data researchers; and GRID for cloud-based visual computing users. The company's Tegra brand integrates an entire computer onto a single chip, and incorporates GPUs and multi-core CPUs to drive supercomputing for autonomous robots, drones, and cars, as well as for game consoles and mobile gaming and entertainment devices.
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