• William Blair reiterated its Outperform rating on Nvidia, advising investors to buy on any share price weakness following a modest post-earnings dip.
  • The chipmaker's Blackwell Ultra (B300) chip generated over $10 billion in revenue, ramping faster than Wall Street had anticipated.
  • Guidance for the current quarter excluded sales of the H20 chip to China, reflecting ongoing uncertainty from U.S. export controls.

Nvidia Corp. delivered another quarter of blockbuster results, yet its shares experienced a slight after-hours pullback—a move analysts at William Blair are calling a buying opportunity. The firm reiterated its Outperform rating on the semiconductor giant, stating it would "buy on weakness" as the underlying fundamentals remain exceptionally strong.

The company's latest Blackwell Ultra chip, known as the B300, was a standout performer, contributing more than $10 billion in revenue and achieving market adoption at a pace that surprised even bullish observers. This rapid ramp underscores Nvidia's continued dominance in supplying the critical hardware for artificial intelligence and accelerated computing.

However, the otherwise stellar report contained a note of caution rooted in geopolitics. Company guidance explicitly excluded any potential revenue from its H20 chip, a product designed for the Chinese market. This reflects the persistent uncertainty surrounding U.S. export controls, which have created a complex licensing environment for advanced semiconductor sales to China. A person familiar with the matter confirmed that clearance timelines for such exports remain unpredictable, forcing the company to adopt a conservative outlook for that segment.

“What you’re seeing is a company executing flawlessly on all cylinders, with one external variable it cannot control,” said one analyst, who asked not to be identified discussing client matters. “The dip is a knee-jerk reaction to the guidance nuance, not a reflection of softening demand, which is still insatiable.”

Efforts to reach Nvidia for additional comment on its China strategy were not immediately successful.

William Blair's analysis emphasizes that Nvidia's leadership is secured not just by its hardware but by its full-stack ecosystem, including the entrenched CUDA software platform and its command over the supply chain. This moat, they argue, supports a growth trajectory that extends well into fiscal 2026 and beyond, making any short-term share price pressure an attractive entry point for long-term investors.