FTC Blocks Edwards Lifesciences’ JenaValve Acquisition in Major Antitrust Ruling 
Trump Pushes $100 Billion U.S. Oil Investment Plan for Venezuela After Maduro Seizure 
SK Hynix Shares Hit Record High as AI Memory Demand Fuels Semiconductor Rally 
Supreme Court to Hear Cisco Appeal on Alien Tort Statute and Human Rights Liability 
Chevron Sees Path to Boost Venezuela Oil Output by 50% After Trump Administration Talks 
Hanwha Ocean Shares Rise on Plans to Expand U.S. Shipbuilding Capacity 
xAI Cash Burn Highlights the High Cost of Competing in Generative AI 
Nvidia Appoints Former Google Executive Alison Wagonfeld as First Chief Marketing Officer 
Intel Unveils Panther Lake AI Laptop Chips at CES 2025, Marking Major 18A Manufacturing Milestone 
China’s AI Sector Pushes to Close U.S. Tech Gap Amid Chipmaking Challenges 
Allegiant to Acquire Sun Country Airlines in $1.5 Billion Deal to Expand U.S. Leisure Travel Network 
FCC Approves Expansion of SpaceX Starlink Network With 7,500 New Satellites 
Mercedes-Benz to Launch Advanced Urban Self-Driving System in the U.S., Challenging Tesla FSD 
FDA Limits Regulation of Wearable Devices and Wellness Software, Boosting Health Tech Industry 
Walmart to Join Nasdaq-100 Index as It Replaces AstraZeneca Following Exchange Move 
NASA and SpaceX Target Crew-11 Undocking From ISS Amid Medical Concern 
Morgan Stanley predicts a massive production increase for NVIDIA’s Blackwell GPUs, expecting up to 800,000 units to be produced by Q1 2025. This follows a 3x surge in output from Q4 2024, solidifying Blackwell’s critical role in NVIDIA’s revenue growth.
Morgan Stanley Expects NVIDIA to Ship 450,000 Blackwell GPUs in Q4, Generating $10 Billion
In recent weeks, speculation has dominated tech news regarding the production cadence of NVIDIA’s latest GPU architecture, Blackwell. While NVIDIA addressed some concerns during a recent earnings call—confirming that minor design flaws had been rectified via photomask changes—the accurate scale of the company’s production ramp-up is becoming more apparent. Morgan Stanley predicts a significant increase in production, with Blackwell volume expected to triple between Q4 2024 and Q1 2025.
In September, Morgan Stanley issued a critical note on NVIDIA, forecasting the shipment of 450,000 Blackwell GPU units in the December-ending quarter, potentially generating $10 billion in revenue. At the time, the investment bank acknowledged that NVIDIA was still ironing out a few “technical challenges” related to its GB200 server racks, noting that such issues are part of the “normal debugging process” for new product launches.
Morgan Stanley Predicts NVIDIA Blackwell GPU Production to Triple by Q1 2025, Surpassing Hopper Revenue
Morgan Stanley has released an updated investment note, confirming its previous estimate of between $5 billion and $10 billion in Blackwell-derived revenue for Q4 2024, following its channel checks. The firm also provided insights into NVIDIA’s production outlook for early 2025. Specifically, Morgan Stanley predicts that NVIDIA will produce between 700,000 and 800,000 units of Blackwell GPUs in Q1 2025, representing nearly a 3x increase in production volume compared to Q4 2024.
The investment note highlights:
“And into 1Q25, we understand that Blackwell chip volume may reach 750k-800k units, up almost 3x from 4Q24.”
Additionally, Morgan Stanley offered projections for NVIDIA’s Hopper architecture. The bank expects Hopper’s production volume—including the H200 and H20 chips—to reach around 1.5 million units in Q4 2024 and gradually decline to 1 million units in Q1 2025.
Crucially, given that the B200 chip is priced at a 60-70% premium compared to the H200, Morgan Stanley anticipates that Blackwell-derived revenues will surpass those generated by the Hopper architecture in Q1 2025, solidifying Blackwell’s importance in NVIDIA’s future growth trajectory.
