Nvidia (NASDAQ:), a major player in the AI ​​boom of the past two years, will announce its results for the second quarter of fiscal 2025 next week. Among other things, investors will be paying particular attention to updates from management on possible delays in the launch of the next-generation Blackwell (BW) chip.

Supply chain audits indicate performance issues that led to a re-spin of the Blackwell chip, causing a quarterly delay, but “no impact on results and guidance is expected in the near term,” according to analysts at KeyBanc Capital Markets.

“We believe modest expectations for Blackwell deliveries in the third quarter were met by higher hopper bookings,” they added.

The KeyBanc team expects Nvidia to report significant performance improvements and higher results due to strong demand for Hopper GPUs.

Due to the Blackwell delay, the chipmaker is expected to focus on further developing the B200 for hyperscalers, effectively discontinuing the B100. It will be replaced by a lower-cost, performance-optimized B200A GPU aimed at enterprise customers.

Although the GB200 ramp has been impacted, modest deliveries of NVL36/72 are still expected in the fourth fiscal quarter. Despite the delay, analysts are sticking to their FY26 revenue and EPS estimates of $222 billion and $5.16, respectively, against the consensus of $168 billion and $3.79, respectively.

They believe that the risk-reward profile of Nvidia stock is favorable at the current valuation.

Analysts at Raymond James expressed similar views ahead of Nvidia’s earnings release. They expect another strong result from the AI ​​darling, despite the excitement surrounding Blackwell’s delays.

“Recent comments from hyperscale customers and results from supply chain partners indicate continued strength in building AI infrastructure,” they commented.

“We have modeled a modest contribution from Blackwell in FQ3 and expect that any delays will lead to an uptick in Hopper GPUs in the near term, which could actually be positive for gross margins.”

In addition, Raymond James emphasizes that the Spectrum-X Ethernet switch is a key short-term revenue driver for Nvidia, largely independent of the Blackwell ramp.
While a longer delay could increase the risk that customers will hold back on spending, analysts remain confident in Nvidia’s execution capabilities.

They remain optimistic that B100/B200 boards will ship later this year, followed by GB200 NVL rack systems in the first half of 2025.

Finally, Citi analysts are forecasting a new 52-week high for Nvidia shares following the release of the report, driven by expectations of higher consensus estimates for the June and October quarters as well as reassuring Blackwell comments from Nvidia management.