The climbing of Trump of his trade war has led to the highest actions on the market – but there are good reasons to think that Nvidia could ultimately be relatively unscathed in a trade war.
It is according to Morgan Stanley, who described Nvidia as “first choice” on the market on Thursday, even though Trump doubled Tariff threats to China and caused the history share in To accelerate.
Semiconductors were excluded from Trump’s “Liberation Day” prices. But Prices on chips could potentially be on the table in the future, said Morgan Stanley – one thing that obscures the prospects of the technological actions of mega -captain, which sold a lot last week.
The semiconductors were excluded from Trump’s April 2 pricing plan. SOMODEVILLA / GETTY Images chip
But, even if prices are implemented on tokens, Nvidia seems to face the “fairly minimal” consequences of these tasks, in part because the demand for its tokens is so strong and because the company has a certain flexibility with its supply chainsBank analysts said.
“NVIDIA remains our first choice with undeniably positive GPU data points and a clearly hungry inference market for GPUs through several hyperscalers. We believe that sustained AI spending and the relative flexibility of the NVDA supply chain will help them surpass, even in a higher tariff environment.”
NVIDIA’s media
The CEO, Jensen Huang, said that the Nvidia’s Blackwell chip was “crazy”. Getty images
Morgan Stanley declared the request for Nvidia chips is booming, largely due to the “tight” capacity to Large languages learning models To make new predictions and inferences. This stimulates high demand for Nvidia products, even older generation flea models like Hopper, he added.
Nvidia has declared record income Of $ 39.2 billion in the last quarter, up 78% in annual sliding.
CEO Jensen Huang also said the request BlackwellNvidia’s last chip was “crazy”.
“Our industry contacts are generally not concerned by prices, because demand is strong, Blackwell is exhausted and demand is quite insensitive to prices,” added Morgan Stanley analysts.
Alternatives of the supply chain
Most constructions for the NVIDIA GB200 platform can be in North America and not subject to prices, said Morgan Stanley. Justin Sullivan / Getty images
Most of the framework of some of Nvidia products can already be in North America. This means that important components may not face prices at all, given the recent trade agreement of the United States with Canada and Mexico.
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Morgan Stanley said he believed that most of the constructions for Nvidia supercomputer The platform, GB 200, was probably already in North America. In a previous note, analysts underlined how Hon Hai, one of Nvidia’s partners, said that this would strengthen its capacity of 200 GB Sever this year, which, according to the bank, could be completed in an establishment in Mexico.
Bianca Boards, a component of the GB200 platform, could also be built in Mexico, given the recent “significant ramp” capacity for the country’s advice, added analysts.
Other NVIDIA partners, such as ZT Systems, could also build 200 GB in facilities in the United States, the bank said.
This reduces the risk price recession.
“That said, Nvidia seems among the most protected companies and will have a minimal direct impact,” said the bank about prices. “But the type of recession is also important, because GPU demand remains resilient-and we will say that the risks to these come more from funding than anywhere else,” they added later.
Nvidia’s actions were struck stronger than the global market since Trump advanced his last price plan in early April. The shares dropped up to 14% in the first two days of negotiation according to the release day, compared to the S&P 500, which dropped up to 10% during this period.