WuXi AppTec Stock Surges on Strong Q1 Earnings and CRDMO Demand Growth 
Pershing Square Raises $5 Billion in Landmark U.S. IPO and Share Placement 
AstraZeneca Q1 2026 Earnings Surge on Strong Oncology and Rare Disease Drug Sales 
Coles Group Q3 Sales Rise Driven by Supermarkets and E-Commerce Growth 
Seagate Stock Surges After Strong Q3 Earnings Beat and Bullish Outlook 
Air Liquide Q1 Revenue Misses Estimates Amid Currency and Energy Headwinds 
Amazon Stock Dips Despite Record Earnings as AI Infrastructure Spending Surges 
DeepSeek Launches V4 AI Models with Enhanced Reasoning and 1M Token Context Window 
Novartis Q1 2026 Earnings Miss Expectations as Generic Competition Pressures Sales 
T-Mobile Beats Q1 Earnings Expectations on Strong Postpaid Growth 
Lightelligence IPO Soars Over 400% in Hong Kong Debut Amid Rising AI Investment Demand 
Qualcomm Stock Surges Despite Weak Guidance After Q2 2026 Earnings Beat 
Alphabet Earnings Surge on AI Growth, Cloud Revenue, and Strong Search Performance 
Microsoft Azure Growth Forecast Beats Expectations Amid Rising AI Competition 
$16B Michigan Data Center Project Boosts U.S. AI Infrastructure Expansion 
DeepSeek V4 Launch Signals China’s Growing AI Independence with Huawei Chips 
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.
