TLDR
- Nvidia stock down 1.8% over past month, trading at $184.98 despite AI announcements at CES
- Company holds orders for 2 million H200 chips worth $54 billion but Chinese authorities paused some purchases
- Analysts report strong demand across hyperscalers, neoclouds, and sovereign customers
- New Rubin chip architecture launching 2026 requires 800-volt power infrastructure upgrades
- Wall Street projects 50% revenue growth in 2026 as AI computing market expands
Nvidia shares traded flat at $184.98 Friday despite underlying strength in AI chip demand. The stock has declined 1.8% over the past month.
NVIDIA Corporation, NVDA
CES announcements around robotics and autonomous driving failed to provide a catalyst. But analysts see a different picture when looking at customer demand.
Truist Securities analyst William Stein noted management teams emphasized robust AI-related spending at CES. Demand remains strong across hyperscalers, neoclouds, sovereign entities, and China.
The company already secured orders for over 2 million H200 chips. At $27,000 per unit, that represents approximately $54 billion in potential revenue.
CEO Jensen Huang called H200 demand “very high” at CES. He doesn’t expect issues from Chinese regulators.
China Orders on Hold
Beijing authorities asked some technology companies to pause H200 orders. The government wants to determine how many domestic chips should be purchased alongside Nvidia hardware, Reuters reported.
This creates near-term uncertainty despite Nvidia’s 2026 clearance to resume China sales. The company was shut out of the Chinese market since April 2025.
China represents a market as large as the United States for AI chips. Resolution of the order pause could provide the catalyst shares need.
Taiwan Semiconductor Manufacturing reports earnings Thursday. As Nvidia’s key supplier, TSMC results could signal broader AI chip market health. The company already reported strong quarterly sales.
Rubin Architecture Drives Growth
Wall Street projects 50% revenue growth for Nvidia in 2026. The new Rubin chip architecture launching this year supports that forecast.
Rubin requires infrastructure changes because it utilizes 800-volt power systems. Nvidia sells components needed for this transition beyond just the chips themselves.
Current Blackwell chips are sold out, showing continued strong demand. The AI computing market is expected to expand through at least 2030.
Nvidia trades at 47 times trailing earnings with 62% year-over-year revenue growth in its latest quarter. The forward multiple drops to around 34 times projected 2026 earnings.
The company maintains its position as the world’s largest by market cap at $4.6 trillion. Data center construction continues at a rapid pace, with Nvidia capturing the largest portion of spending.
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Source: https://blockonomi.com/nvidia-nvda-stock-china-pauses-h200-chip-orders-worth-54-billion/
