Breaking News: Mizuho Analysts Raise 2025 Forecast for Nvidia's AI GPU Units
In a surprising update, Mizuho's Asia hardware and semiconductor analysts have increased their 2025 forecast for Nvidia's AI GPU units. The analysts are anticipating stronger growth than previously expected, thanks to expanded production capacity.
The report reveals that Nvidia is set to ship between 6.5 to 7 million units in 2025, including 3 million units of CoWoS-S GPUs. These units will mainly consist of the Hopper and Blackwell models, with CoWoS-S achieving an impressive yield of over 99%.
Additionally, CoWoS-L, another Nvidia process, is projected to produce between 3.8 and 4 million units, with a focus on supporting the high-demand GB200 server racks. This will allocate 80-90% of the output to this specific product line.
The revised forecast comes as Taiwan Semiconductor Manufacturing, Nvidia's primary production partner, is doubling its annual wafer capacity. The note states that there is expected to be an annual wafer capacity of over 650,000 at TSMC next year, a significant increase from the previous year.
Analysts believe that concerns about potential delays in the Blackwell GPU rollout have been exaggerated, as both TSMC and SK Hynix Inc are on track for sales growth following the launch of the Blackwell GPU in late 2024.
Overall, Mizuho's analysts do not foresee delays on the semiconductor side impacting AI server production in 2025. They also highlighted that Taiwanese back-end equipment vendors, like Allring Tech, are likely to benefit from TSMC's vendor localization efforts.
In summary, this update indicates positive growth prospects for Nvidia's AI GPU units, which could have a significant impact on the company's financial performance in the coming years. Investors should keep an eye on these developments as they may present lucrative investment opportunities in the tech sector.