TMTB: NVDA mixshift to H100, HPQ ug at Citi, 3p Roundup (SE, CRM, WDAY, ZS), CRWD Stifel ug, GTLB +ve in initiation, DIS Marvels flops, BKNG/TRIP ug at Bernstein, U dg at Wolfe, ORCL ug at EJ

Nov 13, 2023

∙ Paid

Good morning - QQQs are off 25bps. Treasuries have a modest bid, with yields flat to down 2bps across the curve, DXY is flat, Crude is flat. China is up 80bps ahead of Xi and Biden meeting on Wednesday.

NVDA/Semis - Barclays out with some Asia checks pointing to better mixshift for NVDA

Barclays states that NVDA’s product mix shifted almost entirely to H100s with a big drop off in A100s in Q3 (mix was 65% A100 products in Q2). Barclays looks at China restrictions and NVDA prioritizing higher ASP products with CoWoS shortages as reasons for this.
Barclays is looking for NVDA DC revs of $18B in Jan (vs street at $14.3) and rev of $20B in April (vs $16B). This is even a little higher than some buyside bogeys.
Barclays also calls out PCs starting to slow after Q3 Pull-ins as ODMs were on the margin worse than expected
Barclays also called out dd server declines on inventory reductions and AI server cannibalization

3P Roundup:

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