Nvidia's Blackwell Chip Revenue Could Hit $6 Billion Next Quarter: Analyst

NVIDIA Corp. NVDA will report its third-quarter results next week. Morgan Stanley analyst Joseph Moore previewed what's ahead for the company in 2025 and beyond.

The Details: Moore expects another "very good" quarter for Nvidia when the company reports on Nov. 20 after the closing bell. According to Benzinga Pro, the Street consensus estimate is for earnings of 74 cents per share on revenue of $32.937 billion for the third quarter.

Nvidia is fully supply-constrained on new products, which could limit the potential upside for the current quarter and the company's outlook, the Morgan Stanley analyst said. Yet Moore said investors can expect several billion from Blackwell chips alone in the January quarter and fingered a more precise figure of between $5 billion and $6 billion in Blackwell revenue.

Blackwell is now sold out into next October's quarter, Moore said. He raised the sequential growth forecast and price target on the stock. On Monday, Morgan Stanley maintained Nvidia as a Top Pick with an Overweight rating and raised the price target from $150 to $160.

Nvidia has several possible new revenue drivers in the coming years that could include AI PCs, autonomous vehicles, software and robotics. The analyst highlighted a scenario where Nvidia's autonomous vehicle solutions could "take off" and contribute recurring, per car licensing revenue for the company.

Moore sees Nvidia's Data Center business driving much of its growth over the next five years as the company's AI and machine learning hardware solutions have become some of the most important in the industry. The analyst said Blackwell's availability further cements Nvidia leadership position in training workloads as "demand signals show no signs of moderating."

NVDA Price Action: According to data from Benzinga Pro, Nvidia shares are down 1.64% at $145.21 at the time of publication Monday.

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