➀ The Wall Street is focusing on NVIDIA's Blackwell production increase due to the influx of capital into AI-related investments. Morgan Stanley has released another report on NVIDIA's latest GPU architecture, revealing more information about the exact reasons for the production bottleneck in the summer. ➁ NVIDIA confirmed the rumors about minor defects in the Blackwell design during the recent earnings call, but assured investors that some minor modifications to the photomask can solve the low yield problem caused by it. ➂ Morgan Stanley believes that the low yield problem was only discovered in the encapsulation stage, resulting in the scrapping of不合格 products, leading to losses in CoWoS and HBM3e. These products were already in short supply, which further exacerbated NVIDIA's supply issues.