Nvidia Grapples with Chip Delays and Power Constraints as It Reinvents Its Revenue Model
Published on 07/06/2026 at 07:13 | Redaktion boerse-global.de
Nvidia’s stock closed the week at €171.98, a modest 1.09% gain on the day but still 15.07% below its mid-May record of €202.50. The year-to-date advance of 6.75% looks thin for a company that once routinely doubled. Behind the technical picture—an RSI of 43.8, a share price 5.17% beneath its 50-day moving average, but 4.73% above the 200-day line—lies a deeper recalibration. The market is digesting not just a pause in momentum, but a tectonic shift in the forces that will drive Nvidia’s next leg.
Two separate bottlenecks are now reshaping the investment narrative. The first is a production delay that pushes a key future chip architecture out by more than a year. The second is a power problem so immense that it threatens to cap the very growth the company’s customers are chasing.
SemiAnalysis reports that Nvidia’s Kyber NVL144 rack architecture has slipped by over twelve months, with the earliest delivery now set for 2028. The culprit is trouble in the manufacturing process: the complex mid-board designs are suffering from low yields and supply constraints on printed circuit boards. Jensen Huang had unveiled the architecture only months ago, positioning it as the next pillar for data-center expansion. That promise has been punctured.
The delay matters because roughly 70% of high-end GPU shipments in 2026 will still rely on the Blackwell platform. Kyber was supposed to provide the forward roadmap that justifies the enormous capex cycles of cloud hyperscalers. Without it, the entire timetable for the successor Rubin series also comes under sharper scrutiny. Investors are now asking how reliably Nvidia can plot capacity for its biggest clients.
Should investors sell immediately? Or is it worth buying Nvidia?
But even if the chips arrived on schedule, the infrastructure to run them may not be ready. The second bottleneck has shifted from chip availability to electricity. Nvidia’s Rubin GPU, along with its rack system slated to debut later this year, will demand around 300 kilowatts per rack. The industry is already preparing for future designs that will push that number to nearly one megawatt—enough to power 750 average U.S. homes. A CoreWeave executive recently summed up the arms race: “The more performance you pack into a chip, the higher the density goes—and that trend has no end in sight.”
The scale is staggering. And it comes with its own inefficiencies: Nvidia itself acknowledges that roughly 30% of the energy flowing into data centers never produces any AI output, lost instead to cooling systems and transmission losses across sprawling campus layouts. The days of chip scarcity are giving way to a race for gigawatts, and the question is whether utilities and hyperscalers can build electrical infrastructure fast enough to keep up.
Caught between these challenges, Nvidia is quietly overhauling how it gets paid. In early July the company rolled out a program called “Compute Royalties,” designed to soften the blow of falling rental prices for cloud GPUs while diversifying its revenue base. Startups will no longer need to buy high-end hardware like the Grace Blackwell GB300 upfront. Instead, they gain access through a recurring revenue-sharing agreement. Nvidia is transforming from a pure hardware vendor into a financier of its own technology.
Two deals illustrate the scale. Sharon AI is deploying up to 40,000 GB300 chips. Firmus is building a 360-megawatt campus in Indonesia configured for as many as 170,000 GPUs. Both are structured as licensing arrangements rather than one-off sales. The shift acknowledges that financing constraints—alongside power and chip production—have become a real headwind to growth.
Data-center revenue still exceeds $75 billion a quarter, and analysts are watching carefully how export restrictions on Blackwell and Rubin affect international shipments. The Kyber delay’s impact on customer stickiness with hyperscalers will likely become clearer in upcoming earnings reports.
Nvidia at a turning point? This analysis reveals what investors need to know now.
For now, the average analyst price target of €263.59 implies a 53% upside from current levels. That forecast is essentially a bet that both the power bottleneck and the financing hurdles can be resolved before they derail the buildout. The stock sits 28.29% above its 52-week low of €134.06, a reminder that sentiment has recovered significantly from last summer’s trough—even as the monthly chart shows a 7.16% decline.
The quarterly dividend of $0.25 per share, with the June 2026 ex-dividend date already noted, adds a minor income component to a stock that was once a pure growth play. But the real story now is no longer about quarterly shipments. It is about whether Nvidia can navigate a production delay on a marquee architecture, a power wall that risks capping demand, and a business model that is morphing into something closer to a bank for the AI economy—all at the same time.
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Nvidia Stock: New Analysis - 6 July
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