Bank Ratings | KeyBanc: Rubin's mass production process is affected by HBM supply bottlenecks, still maintains "Overweight" rating for NVIDIA

Keybanc April 7th ｜KeyBanc analyst John Vinh pointed out that NVIDIA originally planned to produce about 2 million Rubin GPUs in 2026, but this may now be reduced to about 1.5 million units, mainly due to delays in HBM4 certification and supply progress from suppliers SK hynix and Micron. He noted that the mass production progress of the Rubin platform is affected by HBM supply bottlenecks, which in turn has delayed the shipping schedule. Despite short-term supply disruptions, KeyBanc still maintains an “overweight” rating on NVIDIA and gives a price target of $275, believing the HBM supply delay has only a limited impact on long-term demand. The institution estimates that NVIDIA can still ship more than 60,000 NV72 AI server cabinets this year, supporting overall revenue momentum.