Nvidia’s Blackwell GPUs in full production and ‘progressing smoothly:’ Wells Fargo

Nvidia (NASDAQ:NVDA) is set to report fiscal third-quarter results tomorrow after the close of trading, but the company gave an update yesterday on its Blackwell line of GPUs, which appear to be “progressing smoothly,” Wells Fargo said.

Shares rose 1.4% in premarket trading.

“NVDA specifically called out Foxconn’s production ramp in US, Mexico, and Taiwan; leveraging NVDA Omniverse for 3D factories design in order to stand up capacity as quickly as possible,” analyst Aaron Rakers wrote in a note to clients, adding that Foxconn said last week it expects to take a 40% share in Nvidia’s GB200 NVL rack-scale solutions.

Nvidia’s presentation — in which Chief Executive Jensen Huang and executive Ian Buck spoke — also highlighted both Dell (DELL) and Super Micro (SMCI) are involved in the first-phase deployment of xAI’s 100,000 GPU cluster deployment using Nvidia’s Spectrum-X Ethernet switching.

The company also made several other announcements, including emphasizing its full-stack optimization; the importance of its Arm (ARM)-based 72-core Grace CPU in terms of power efficiency; its next-gen Rubin offerings are set to debut in 2026; and its competitive advantage with Spectrum-X compared to traditional Ethernet.

“In short, NVIDIA’s presentation outlined the company’s continually deepening software capabilities that span broad industry verticals and application domains,” Rakers wrote. “NVIDIA highlighted that it now has 5.4 million NVIDIA developers, 4k accelerated applications, over 400 CUDA-X libraries, and has seen over 62 million cumulative CUDA downloads.”