Citigroup: Downgrades NVIDIA Blackwell GPU shipment forecast, maintains "buy" rating

NVIDIA's next-generation Blackwell architecture AI flagship chip GB200 is facing a minimum three-month delay in shipment due to design flaws. Citigroup has released a report, lowering the forecast for Blackwell GPU shipments by the end of January next year, but believes that the strong demand for AI will lead some customers to increase their demand for H100/H200, helping to offset the impact of lower Blackwell sales. The forecast for data center sales by the end of July and the end of October is generally maintained, while the delay in Blackwell is expected to impact data center sales by about 15% by the end of January next year. The bank has lowered NVIDIA's sales forecast for the fiscal year ending January next year by 5%, but expects Blackwell sales to rebound by the end of April next year, so the sales forecast for the fiscal year 2026 remains largely unchanged. NVIDIA is still considered a leader in AI GPUs with a long-term market share of about 90%, maintaining a "buy" rating with a target price of $150