All eyes are on NVIDIA Corp.'s NVDA GTC 2025. CEO Jensen Huang is set to unveil what's next in AI hardware.

JPMorgan analyst Samik Chatterjee outlines key watchpoints, as investors dissect the event for winners and losers across the hardware and networking supply chain.

Blackwell Ultra: On Track, But Skepticism Remains

Chatterjee expects "Blackwell Ultra ramp remains on track for the second half of the year" — a crucial milestone for Nvidia suppliers. Investors are "likely to be taken as a positive" only if Nvidia reaffirms its aggressive innovation cycle.

The Rubin platform, expected in 2026, will also be in focus, though "specificity on timing" may be lacking.

Among the potential winners?

Super Micro Computer Inc SMCI, Dell Technologies Inc DELL, Coherent Corp COHR, Fabrinet FN and Amphenol Corp APH are all poised to benefit from Nvidia's hardware evolution.

Read Also: GTC 2025 Could Reignite Nvidia’s Stock Rally, But Only If B300, AI Server Roadmap, And Scaling Concerns Are Addressed, Says Top Analyst

How Dell, Super Micro Stand To Gain

The next-gen chips will push power and thermal limits. Blackwell Ultra and Rubin will demand "independent power racks (300-700 kW per rack)" and more liquid cooling. This should benefit Dell and Super Micro.

At the GTC 2025, one may also expect heightened interest in "increasing GPU density" and rising thermal design power levels: 1.2 kW for Blackwell, 1.4 kW for Blackwell Ultra and 1.8 kW for Rubin.

Copper Vs. Optics: Amphenol, Coherent, Fabrinet Likely Winners

Networking firms will be under the microscope as rack density rises from 36 to 72 to 144 GPUs. While optics adoption is a concern, "connectivity within the rack to be dominated by copper" is good news for Amphenol.

Optical transceiver suppliers like Coherent and Fabrinet are positioned well as "resilient transceiver ASPs" hold steady amid short innovation cycles.

Investor Sentiment: AI Capex Uncertainty Looms

While GTC may not settle broader AI capex concerns, it could "primarily change sentiment" on key AI supply chain stocks. Amphenol, with its passive copper exposure, and optical transceiver names like Fabrinet, Lumentum and Coherent will be in the spotlight.

With Nvidia's GTC just weeks away, the stakes are high. For hardware and networking stocks, the AI boom is far from over. Investors will be tuning in to see who rides the next wave.

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