Why Nvidia's Next Moves Matter For Amphenol, Dell, Super Micro

Core Viewpoint - NVIDIA Corp.'s GTC 2025 event is highly anticipated, with CEO Jensen Huang expected to reveal advancements in AI hardware, which could significantly impact the hardware and networking supply chain [1]. Group 1: NVIDIA's Product Developments - The Blackwell Ultra ramp is on track for the second half of the year, which is crucial for Nvidia's suppliers, and investor sentiment will hinge on Nvidia reaffirming its aggressive innovation cycle [2]. - The upcoming Rubin platform, expected in 2026, will also be a focal point, although specific timing details may be lacking [2]. - The next-generation chips will push power and thermal limits, with Blackwell Ultra and Rubin requiring independent power racks of 300-700 kW per rack and enhanced liquid cooling solutions [3]. Group 2: Potential Beneficiaries - Companies such as Super Micro Computer Inc., Dell Technologies Inc., Coherent Corp., Fabrinet, and Amphenol Corp. are positioned to benefit from Nvidia's hardware evolution [2]. - Dell and Super Micro are expected to gain from the increased power and thermal demands of the new chips [3]. Group 3: Networking and Connectivity - As GPU density increases from 36 to 72 to 144 GPUs, networking firms will be scrutinized, with copper connectivity being favorable for Amphenol amidst concerns over optics adoption [5]. - Optical transceiver suppliers like Coherent and Fabrinet are well-positioned as resilient transceiver average selling prices (ASPs) remain stable despite short innovation cycles [5]. Group 4: Investor Sentiment and Market Impact - The GTC event may not resolve broader AI capital expenditure uncertainties but could shift sentiment regarding key AI supply chain stocks, particularly Amphenol and optical transceiver companies [6]. - The stakes are high for hardware and networking stocks as the AI boom continues, with investors keenly observing which companies will capitalize on the next wave of advancements [6].