Nvidia falls as the chip designer pushes back against “erroneous chatter” of supply constraints
Nvidia is dropping amid a broad pullback in the AI trade as the company’s newsroom moves to address some “erroneous chatter in the media.”
We've seen erroneous chatter in the media claiming that NVIDIA is supply constrained and "sold out" of H100/H200.
— NVIDIA Newsroom (@nvidianewsroom) September 2, 2025
As we noted at earnings, our cloud partners can rent every H100/H200 they have online — but that doesn't mean we're unable to fulfill new orders.
We have more than…
The drop has propelled shares below their 50-day moving average for the first time since early May.
The $4 trillion chip designer doth protest too much, methinks.
To this erroneous chatterer, parsing what’s directly written and omitted, this just sounds like a longer way of saying that all supply constraints are solely concentrated in its current flagship Blackwell chips. That’s understandable! It’s a lot better to be in a situation where everyone wants your newest product faster than you can deliver it than one where you’re producing a lot of something nobody seems to want.
And here’s Nvidia CEO Jensen Huang on the conference call following the release of Q2 earnings last week:
“Right now, the buzz is — I’m sure all of you know about the buzz out there. The buzz is everything’s sold out. H100 is sold out, H200s are sold out.”
So. There’s that. It’s not Huang saying that’s what’s happening, but it’s not him saying that’s not happening.
Nvidia reported a whopping 56% growth in data center revenues in Q2 — but that was still lower than the Street anticipated. We “know” that demand for Nvidia’s chips is massive and exceeds supply. So if you’re not demand constrained, that doesn’t really leave much in the way of alternative explanations for why that particular part of its business came up just short of a very high bar.
