UBS says Nvidia Blackwell shipments delayed six weeks ‘at most’

UBS keeps a Buy rating on Nvidia with a $150 price target. The firm’s work indicates that initial Blackwell customer volume shipments are delayed “maybe 4-6 weeks at most, putting them at the very end of January 2025. The delay looks likely to be largely filled in by many customers taking more H200 given very short lead times, and lead customers should have first Blackwell instances stood up in April 2025 timeframe, the analyst tells investors in a research note. UBS believes artificial intelligence labs are still upsizing and lengthening their instance commitments and enterprises are rapidly growing as a proportion of the demand mix – “both bullish indicators.” Nvidia shares have pulled back so much that the market looks to be saying that 2025 is peak earnings, according to the firm. While it’s a bit early to call 2026, “it seems more likely to be up again given our customer discussions,” adds UBS.