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A hint of circumspection around NVIDIA appears to be creeping into the commentaries of the more discerning financial powerhouses that populate Wall Street.
Consider the latest investment note from Jefferies, where the financial advisory firm adopts a markedly cautious tone vis-à-vis NVIDIA's prospects for 2025.
A few weeks back, Morgan Stanley saw NVIDIA shipping up to 450,000 units of the Blackwell GPUs in the December-ending quarter, and between 700,000 and 800,000 units of Blackwell GPUs in Q1'25. Related Story NVIDIA Announces Half Life 2-Themed GeForce RTX 4080 SUPER GPU Giveaway To Celebrate 20th Game AnniversaryFast-forward to this week, when Raymond James noted that it now saw NVIDIA shipping "around 100,000 Blackwell GPUs in 4Q, which is likely at the lower end of investor expectations." The investment bank, however, was decidedly bullish on NVIDIA's 2025 prospects: Today, it is the turn of analysts at Jefferies to expound on NVIDIA's near-term prospects.
To wit, Jefferies analyst Blayne Curtis begins by reiterating that he expects the high-flying maker of GPUs to repeat the story that has consistently played out over the past few quarters, replete "with a beat and raise in the $2B range." Curtis notes that Wall Street expects NVIDIA to earn at least $200 billion in revenue and $5 in earnings per share (EPS) in 2025, with some estimates reaching as high as $6 in EPS.