NVDA - KEYBANC: NVIDIA MAY GUIDE BELOW CONSENSUS ON CHINA UNCERTAINTY Nvidia is expected to post strong July-quarter results but may guide cautiously for October due to China-related risks, KeyBanc said. The firm expects Nvidia to exclude China revenue from guidance amid pending license approvals, potential 15% AI export taxes, and pressure on Chinese firms to use local chips. Without China, guidance could miss consensus, though KeyBanc estimates China could add 2–3B in sales. Still, fundamentals remain strong: GPU supply rose 40% last quarter and should grow another 20% with Blackwell (B200) ramping, while the new Blackwell Ultra (B300) ships in October. Rack production is also improving, with shipments on track to hit 30K this year. KeyBanc reiterated an Overweight rating and raised its price target to 215 ahead of Nvidia’s Aug. 27 report.(*Walter Bloomberg)