JPMorgan Sees Nvidia $74B–$75B Guidance as Blackwell Shipments Hit 12,000 Units
Nvidia's rack shipments of Blackwell Ultra rose to roughly 12,000 units in the January quarter from 10,000 previously, while introduction of GB300 systems with 20%–30% higher average selling prices could drive revenue past the $65.6 billion estimate. JPMorgan anticipates Nvidia to guide $74 billion–$75 billion next quarter supported by a backlog exceeding $500 billion.
1. Sideways Trend and Analyst Outlook
Nvidia's stock has traded sideways since its last earnings release despite strong execution and rising visibility into AI demand, leading JPMorgan to predict another beat-and-raise quarter. Analyst Harlan Sur highlights ongoing fundamentals acceleration driven by hyperscaler spending and new platform momentum.
2. Blackwell Ultra Ramp and Pricing
Supply chain checks indicate Blackwell Ultra rack shipments increased to about 12,000 units in the January quarter versus roughly 10,000 in the prior period. Nvidia’s rollout of GB300 systems, carrying average selling prices 20%–30% higher than earlier models, adds a pricing tailwind to volume growth.
3. Backlog Underpinning Growth
The company’s AI infrastructure backlog has topped $500 billion, underscoring committed spending from cloud providers facing supply constraints. JPMorgan expects this deep order visibility to support robust datacenter revenue and justify a $74 billion–$75 billion guidance for the upcoming quarter.