Needham keeps a Buy rating and a $200 price target on Nvidia (NVDA) after its Q2 earnings beat and in-line Q3 revenue guide that contained no China H20 revenue. If geopolitical issues are resolved in the near-term, the management believes it could ship $2B-$5B of H20 in Q3, with potential upside if additional licenses are granted, the analyst tells investors in a research note. Needham further cites Blackwell related products, spanning compute and networking, growing 17% from Q1, with Blackwell Ultra having generated “tens of billions in revenue”.
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