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Zitat:Nvidia's Blackwell Sales Trajectory to be Key Investor Focus at CES Tech Show, Wedbush Says
Jan 3, 202515:20 GMT+1
NVDA+4.45%
AMD+3.93%
INTC+1.68%
Nvidia NVDA is expected to announce new gaming products at the upcoming CES tech show, while investors will seek updates on the path of the company's generative artificial intelligence sales, Wedbush Securities said in a client note.
The brokerage believes the key questions facing the chipmaker include the expected sales trajectory of Blackwell, a generative AI system, over the next few quarters amid concerns that original design manufacturers may take longer to reach full production capacity. However, Wedbush doubts the company will address the issue since it mainly impacts revenue timing.
Investors will also focus on when AI-based consumer applications will emerge and gain widespread adoption as these are expected to benefit the company and "drive upgrade cycles across hardware with ramifications for our entire universe," according to the brokerage.
Nvidia's most "prominent" announcement at the event, which is scheduled to begin on Jan. 7, is expected to be regarding its 50xx series graphics processing units, Wedbush said. The brokerage believes that the impact of the announcement will be "potentially more significant" for other participants in the gaming hardware segment if Nvidia's new parts drive a gaming PC refresh cycle.
The chipmaker is also expected to offer more details about its Jetson Thor robotics program, as well as an update on its autonomous driving product sets. "While we see (Nvidia's) work on these fronts as compelling (with markets arguably eventually large enough to move the revenue needle for Nvidia), we also believe it will take significant time for both areas to develop," Wedbush analyst Matt Bryson wrote in the note.
Wedbush expects Advanced Micro Devices AMD to unveil a number of new client compute products at the CES. The brokerage believes the company's share gains in the client compute segment have increased and projects this trend to continue throughout this year if GPUs spur a refresh cycle for gaming PCs.
AMD could see some incremental revenue from a refresh of its GPUs and new FidelityFX Super Resolution technology. However, Wedbush believes Nvidia will continue to dominate the GPU segment for the foreseeable future.
Wedbush believes it will be a surprise if Intel INTC offers any "meaningful" announcements at the event given the leadership transition it's going through. Pat Gelsinger retired from the company as chief executive last month, with Chief Financial Officer David Zinsner and newly named Intel Products head Michelle Johnston Holthaus serving as interim co-CEOs while the board finds a permanent replacement.
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