Let me share an analysis from iM Securities in Korea. I believe you’ll find it helpful.

NVIDIA announced that the shipment of Blackwell GPUs would begin in 4Q24 and full-scale mass production would start in CY25, suggesting minimal adverse impact on the company’s performance. However, the shipment volume of Blackwell GPUs in 4Q24 appears to have been reduced to about one-third of the original plan. This is expected to prevent the company’s F3Q25 and F4Q25 performance from significantly exceeding market expectations as it had in the past.

Additionally, revenue from DGX servers, which consist of a combination of one Grace CPU, two Blackwell GPUs, and NV Link, in CY25 is also projected to be lower than initially anticipated due to issues with heat generation and power consumption of the GB200 NVL. NVIDIA’s Data Center Business revenue is generated through HGX systems, which include only GPUs, and DGX servers under its own brand. Naturally, the company prefers DGX-form revenue because it can sell not only GPUs but also CPUs, networking switches, and SmartNICs.

NVIDIA’s original plan seems to have been to sell 2 million Grace CPUs, equivalent to 4 million Blackwell GPUs (2.5 million B200 units and 1.5 million B300 units), in DGX form in 2025. In other words, NVIDIA planned to sell more than half of the total 7.6 million Blackwell GPUs to be produced in 2025 in DGX form.

However, due to the impact of the B200 redesign and heat generation issues with the GB200 NVL, some adverse effects on the sales of Blackwell GPUs and DGX servers are expected in 4Q24 and 1Q25. The mass production of GB200 NVL36/72 servers, which will primarily be manufactured by Foxconn and Quanta, is expected to be delayed until mid-2Q25, with full-scale shipments also postponed to around mid-next year.

As a result, NVIDIA’s performance through 2Q25 is anticipated to fall slightly short of initial expectations.