Nvidia isn't planning China Blackwell sales. What's the impact?

Nvidia (NVDA) CEO Jensen Huang says there are "no active discussions" about selling Blackwell chips in China.

AlTi Tiedemann global chief investment officer, Nancy Curtin, joins Morning Brief to discuss how this impacts investors and the broader artificial intelligence (AI) trade.

To watch more expert insights and analysis on the latest market action, check out more Morning Brief.

Video Transcript

00:00 Speaker A

Nancy, I want to ask you about a specific company in particular and that is Nvidia, which is reporting on November 19th. So that's another catalyst for us to watch in the market and we've got some headlines about its its ability to sell chips into China, the information reporting, um, that it's not necessarily going to be able to um sell chips into China. So there you know, there's this kind of back and forth on that. But how are you thinking about Nvidia as one of the real cruxes of this whole trade?

00:34 Nancy

I mean, at the moment and we invest in managers, um our active managers have either reduced or have had brought down the Nvidia weight. So I just put that out there by way of, uh, you know, sort of some things may be ahead of themselves. Um, in terms of Nvidia and what they might announce, uh, you know, we don't know, but what we do know, uh, on November 15th, uh, Nvidia has talked about the fact they have sort of 14 million Blackwell chips to ship, uh over the next five quarters. That has very powerful implications. I think for this quarter earning and earnings ahead, people will continue to move their numbers higher. I mean, Jensen Wang, uh, at the Big Nvidia conference talked about $500 billion dollar backlog. And every time you hear a hyperscaler say they're going to invest more in CAPEX,

01:14 Nancy

you have to think that plays at least near term until there's uh, you know, substantial competition, that really plays to the benefit of Nvidia. So, uh, look, no one has penciled in in Nvidia's numbers, uh, China sales. That's just not in there. I think people are a little disappointed uh that Trump didn't strike a deal uh with China on the Blackwell chips, but it's not in Nvidia's numbers. Um, but as I said, you know, we want to look forward to where the puck may be going, not just the infrastructure company, but the amazing things that we think are happening and will continue to happen in the users of that infrastructure, in the application layer, uh, etc. And, you know, earlier, you were talking about humanoids and robots. That's a whole another layer uh of Gen AI applications still to come.

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