Rumors of the mid-cycle Blackwell refresh: GB300, Not Just An Incremental Upgrade

This isn’t being talked about enough. With all the FUD leading to lowered expectations on future demand for training compute (this Nvidia GPUs), the inference side of AI has renewed focus. However, many bears tout that Nvidias dominance in training is nowhere near the inference. There is truth to this, but Nvidia doesn’t stop innovating and likely saw this before the Deepseek breakthrough. Open the link for a detailed analysis of the rumored GB300.

The biggest threat in the recent bear case theories is that NVDA will lose inference market share and thus margins. Companies with products like AMDs MI350, Cerebras’ WSE-3, Googles TPUs, and AWS Trainium look to take market share. However, early rumors suggest the GB300 will likely outperform anything the competition has or will have in the near future on inference. Both from a price:performance perspective, raw performance, scaling capabilities, and now customizability. It also further addresses the already fixed cooling issues that the GB200 was facing.

This is still technically just rumor coming from real Nvidia partners in Asia, which means it is likely there will be some surprise upside in earnings forecasts. But with projections of shipments beginning late 2025 and peak shipments in 1H2026, we could some real price target upgrades when this gets factored in.

TLDR: At GTC in March, Nvidia likely announces its mid-cycle upgrade that further smothers competition while maintaining price:performance superiority and thus gross margins. I think this will lead to upward revisions of price targets and could be a significant catalyst for another stellar Q2.