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Blackwell Ultra

Nvidia · ultra · depuis Angekündigt März 2025 (GTC 2025); Auslieferung ab zweitem Halbjahr 2025 · 2× · vu le 28 août 2026

Momentum

NVIDIA Blackwell Ultra is a GPU architecture for AI inference and training, building on the original Blackwell architecture and specifically designed for reasoning and agentic AI workloads as well as test-time scaling inference. It is offered in products such as the GB300 NVL72 rack system (72 GPUs, 36 Grace CPUs) as well as the HGX B300 NVL16 and DGX B300 system. The chips are based on the same TSMC 4NP manufacturing process and dual-die design as the base Blackwell generation, but offer significantly more HBM3e memory (up to 288 GB) and higher FP4/Tensor Core compute performance. According to NVIDIA, the GB300 NVL72 delivers up to 50x higher AI factory output compared to Hopper-based platforms.

Historique du momentum

16.07.14.10.

Fonctionnalités

Manufacturing Process (nm)	TSMC 4NP process (custom 4nm node), 208 billion transistors, dual-die design
Platform	GB300 NVL72 rack-scale system (72 Blackwell Ultra GPUs + 36 Grace CPUs) and HGX B300 NVL16 system
Price	No official NVIDIA list price; market estimates: GB300 NVL72 rack approx. $3.7–4.0M (analyst estimate), single B300 GPU approx. $40,000–50,000 (third-party sources)
Compute Performance (FLOPS/TOPS)	15 petaFLOPS dense FP4 per GPU; GB300 NVL72 rack: 1.1 exaFLOPS FP4 total
Release Date	Announced March 2025 at GTC; partner availability from second half of 2025
Memory	288 GB HBM3e per GPU, 8 TB/s bandwidth; GB300 NVL72 rack: approx. 20.7 TB total unified HBM3e memory
Availability	Available since 2025/2026 through OEM partners (Dell, HPE, Lenovo, Supermicro, Cisco) and cloud providers (AWS, Google Cloud, Azure, Oracle, CoreWeave); status on NVIDIA page: "Available Now"

Plus de produits dans cette catégorie: Matériel d'inférence IA

Preuves (2)

Company Analysis: Nvidia

As of 10/10/2026

HOLDSynthszr Vote

Data-driven view: fundamentals and near-term guidance remain strong (Q2 FY2027 revenue $96.2B; Q3 guide $108.0B ±2%), and profitability remains structurally high (75% GAAP gross margin in Q2; 74% ±50 bps guided for Q3). (investor.nvidia.com) However, the setup is increasingly sensitive to (1) margin normalization at very large revenue scale, (2) data-center concentration, and (3) macro-driven valuation multiple sensitivity for mega-cap growth. (axios.com) A HOLD balances strong operating momentum with elevated expectation risk; upgrading to BUY would require clear evidence that sequential growth and margins can remain at or above guided levels through the next results cycle.

Summary

NVIDIA is a full-stack accelerated computing company whose core business model combines high-performance GPUs and networking (InfiniBand/Ethernet), tightly integrated system platforms (DGX and related reference architectures), and a large software ecosystem (CUDA, libraries, AI frameworks, and enterprise software) that increases switching costs and supports premium pricing. The company’s core competency is delivering end-to-end performance-per-watt and time-to-train/time-to-infer advantages for AI and high-performance computing workloads, increasingly sold as “AI factory” infrastructure to hyperscalers, sovereign/enterprise buyers, and system integrators. Market position remains dominant in AI data center acceleration, with competitive advantages rooted in (1) a mature developer ecosystem, (2) rapid platform cadence (Blackwell currently the majority of revenue), (3) strong networking attach, and (4) supply-chain execution at very high volumes. Recent disclosures also highlight that China data center compute revenue is excluded from forward outlook, reducing near-term geopolitical revenue dependency but also limiting upside from that region. (investor.nvidia.com) In the most recent quarter (fiscal 2027 Q2, ended July 26, 2026), NVIDIA reported revenue of $96.2B (+18% QoQ, +106% YoY) with GAAP gross margin of 75.0%. Management guided fiscal 2027 Q3 revenue to $108.0B ±2% and GAAP/non-GAAP gross margin to 74.0% ±50 bps, indicating continued strong demand with modest margin normalization versus the 75% level. (nvidianews.nvidia.com) In Q2, the company also returned $26B to shareholders (buybacks and dividends), reinforcing capital return capacity at current profitability. (investor.nvidia.com) Segmentally, Edge Computing revenue was $7.2B (+13% QoQ, +27% YoY), while the overall growth narrative remains heavily data-center-led; the 10-Q notes China Hopper shipments were <1% of Data Center revenue in Q2 FY2027. (investor.nvidia.com) Valuation metrics (P/E) and consensus estimates vary by data provider and update frequency; investor focus in the last 90 days has centered on (a) the durability of AI infrastructure capex, (b) product transition execution (Blackwell now the majority of revenue), and (c) margin trajectory as mix and component costs evolve. (investor.nvidia.com) Short- to medium-term outlook is primarily driven by Q3 guidance strength and management’s stated preliminary expectation for ~70% FY2028 revenue growth (company commentary, not a formal long-range guide), balanced against concentration risk in data center and policy-driven regional constraints. (investor.nvidia.com)

Key Takeaways

Fiscal 2027 Q2 results showed continued hyper-scale growth: $96.2B revenue (+106% YoY) and 75.0% GAAP gross margin, indicating sustained pricing power and scale benefits. (investor.nvidia.com)
Q3 FY2027 guidance is $108.0B ±2% with 74.0% ±50 bps gross margin, implying strong near-term demand with slight margin normalization. (nvidianews.nvidia.com)
China data center compute revenue is excluded from forward outlook; Q2 FY2027 China Hopper shipments were <1% of Data Center revenue, reducing exposure but also limiting optionality. (investor.nvidia.com)
Blackwell is described as the vast majority of revenue, making execution and supply ramp the key operational swing factor for delivery and margins. (investor.nvidia.com)
Capital returns are material at current cash generation: Q2 included $26B returned via repurchases and dividends, supporting per-share metrics but also signaling confidence in cash flow durability. (investor.nvidia.com)

Action Ideas

BUY

12–18 month momentum setup anchored in company-issued guidance: Q3 FY2027 revenue guide of $108.0B ±2% implies continued sequential growth from Q2’s $96.2B, while gross margin guidance (74% ±50 bps) remains structurally high. For investors seeking exposure to AI infrastructure spend, NVIDIA’s platform integration (GPU + networking + software) and current product mix (Blackwell majority of revenue) support continued share retention in accelerated compute deployments. ([investor.nvidia.com](https://investor.nvidia.com/files/content_files/TRANSCRIPT_-NVIDIA-Corp-NVDA-US-Q2-2027-Earnings-Call-26-August-2026-5_00-PM-ET.pdf?utm_source=openai))

Horizon: 18 mo.

HOLD

6–12 month risk-managed stance for investors already positioned: the stock’s fundamental trajectory is strong (Q2 +106% YoY revenue; Q3 guide $108B), but the investment case is increasingly sensitive to (a) quarterly delivery cadence and (b) gross margin trajectory as the company scales Blackwell and prepares subsequent architectures. Holding can be justified while monitoring whether guided margin normalization stabilizes and whether sequential growth continues to track guidance. ([investor.nvidia.com](https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Second-Quarter-Fiscal-2027/?trk=article-ssr-frontend-pulse_little-text-block&utm_source=openai))

Horizon: 9 mo.

SELL

3–6 month tactical de-risking for investors with outsized concentration: NVIDIA’s reported growth and margins are exceptional, but the business is increasingly dominated by data center demand and is exposed to policy constraints (no China data center compute in outlook). If an investor’s portfolio risk is dominated by a single name, trimming can be justified purely on concentration and macro valuation sensitivity rather than a deterioration in near-term fundamentals. ([investor.nvidia.com](https://investor.nvidia.com/files/content_files/TRANSCRIPT_-NVIDIA-Corp-NVDA-US-Q2-2027-Earnings-Call-26-August-2026-5_00-PM-ET.pdf?utm_source=openai))

Horizon: 6 mo.

Contrarian Insights

• China exposure may be less material than many investors assume in the near term: the company’s forward outlook excludes China data center compute revenue, and the 10-Q indicates China Hopper shipments were <1% of Data Center revenue in Q2 FY2027—suggesting current reported growth is not dependent on China data center compute. (investor.nvidia.com)
• Margin risk can be underappreciated even at very high absolute levels: Q2 GAAP gross margin was 75.0%, but Q3 guidance is 74.0% ±50 bps, implying that even small mix/cost changes can move margins meaningfully in dollar terms at $100B+ quarterly revenue scale. (investor.nvidia.com)