Nvidia(US:NVDA) 半导体行业观察·2026-02-08 03:29Core Viewpoint - Nvidia's transition to the new Blackwell AI chips has faced significant deployment challenges, particularly for major clients like OpenAI and Meta, but the company has managed to maintain its market position and address many technical issues [2][3][4]. Group 1: Deployment Challenges - Nvidia's CEO Jensen Huang indicated that the complexity of the new Blackwell AI chips would make the transition from the previous generation challenging for clients, requiring adjustments across various system components [2]. - Major clients, including OpenAI and Meta, struggled with the deployment and operation of Blackwell servers, which contrasted sharply with the quicker deployment of previous Nvidia AI chips [2][3]. - Despite these challenges, Nvidia's business has not been severely impacted, maintaining a market capitalization of $4.24 trillion and resolving many technical issues hindering client deployment [2][3]. Group 2: Client Reactions and Adjustments - Clients like OpenAI and Meta have expressed private dissatisfaction regarding the inability to build chip clusters at the expected scale, which limits their capacity to train larger AI models [3][4]. - To address client dissatisfaction, Nvidia provided refunds and discounts related to issues with the Grace Blackwell chips [3][4]. - Nvidia has collaborated closely with leading cloud service providers to improve the deployment process, indicating a commitment to joint engineering development [4]. Group 3: Product Improvements - Nvidia has learned from the deployment challenges and has optimized the existing Grace Blackwell systems while also improving the upcoming Vera Rubin chip servers [5]. - An upgraded version of the Grace Blackwell chip, named GB300, has been introduced to enhance stability and performance, addressing issues encountered with the first generation [5]. - Some clients have adjusted their orders to the upgraded products, indicating a shift in demand towards improved chip versions [5]. Group 4: Financial Implications - Delays in chip deployment have led to financial losses for cloud service partners of OpenAI, who invested heavily in Grace Blackwell chips expecting quick returns [9][10]. - Some cloud service providers negotiated discount agreements with Nvidia to alleviate financial pressure due to delayed chip usage [9]. - Oracle reported significant losses in its AI cloud business due to the slow deployment of Blackwell chips, highlighting the financial risks associated with new technology launches [10].