KeyBanc: The production process of the Rubin is affected by the HBM supply bottleneck, but the maintain Nvidia's "buy" rating.

KeyBanc analyst John Vinh pointed out that NVIDIA had originally planned to produce around 2 million Rubin GPUs in 2026, but this number may now be reduced to about 1.5 million due to delays in HBM4 certification and supply progress by suppliers SK Hynix and Micron. He noted that the production process of the Rubin platform is affected by HBM supply bottlenecks, leading to a delay in shipments. Despite short-term supply disruptions, KeyBanc still maintains a "overweight" rating on NVIDIA and sets a target price of $275, believing that the delay in HBM supply will have limited impact on long-term demand. The institution estimates that NVIDIA can still ship over 60,000 sets of NV72 AI server racks this year, supporting overall revenue momentum.