Daily Views on Tech Headlines | NVDA, INTC, Huawei, FMS

研报英文原文证据摘录

Daily Views on Tech Headlines | NVDA, INTC, Huawei, FMS

Quick Note

July 7, 2026 Hardware

Analysts

Matt Bryson

(617) 695-6302 NVDA: Kyber rack for Rubin Ultra reportedly slipsmatthew.bryson@wedbush.com

Antoine Legault, CFA, CPA View: According to SemiAnalysis, NVIDIA's Kyber NVL144 rack, meant for 2027's

(626) 497-1619 Rubin Ultra, will be delayed more than 12 months to 2028 on manufacturingantoine.legault@wedbush.com

problems with the copper "orthogonal" PCB midplane that carries the NVLink

fabric (signal-integrity, power, and thermal challenges as layer counts rise). NVIDIA

also reportedly killed the NVL72x2 stopgap after large customers balked, and the

optics-based NVL576 may slip or ship in low volume, since a production-ready

co-packaged-optics NVSwitch is not expected before the post-Rubin Feynman

generation; 2026 Rubin parts on the existing Oberon rack are unaffected. Per press

reports, Nvidia has denied SemiAnalysis's conclusions.

Various speculation around Rubin Ultra concerns/delays has seemingly been

proliferating since GTC (packaging, die count, memory, and now backplane

concerns). With the product not due till 2H'27, we would expect some flexibility

as NVDA works through the design process, with arguably the challenge having

more to do with: 1) the increased scrutiny around NVDA designs given the

implications for technology direction and the supply chain and 2) the extended

product roadmap NVDA is providing to investors we believe in part due to the

increased scrutiny around NVDA's technology direction.

Net, while NVDA's progress with Rubin Ultra is certainly something that needs to be

monitored (particularly given supply chain implications tied to technology timing

and direction), we believe it's too early to be concerned around potential NVDA