Morgan Stanley released notes from NVIDIA's NDR roadshow, where CEO Jensen Huang personally attended and denied rumors of a delay to Rubin Ultra, confirming shipments will begin next year. A key takeaway is that a leading frontier-model client—previously heavily reliant on ASICs—has seen NVIDIA’s share of its computing capacity rise to nearly 50%. NVIDIA characterized its current phase as one of “accelerating growth,” asserting that even as quarterly revenue approaches $100 billion, its growth rate will continue to increase. Morgan Stanley analyst Joseph Moore described the event as having a “positive tone” and reiterated NVIDIA as its top pick in the semiconductor sector, maintaining an “Overweight” rating. Regarding the Rubin system, certain rack-level design changes have been made, but both the 800V power delivery and optical interconnects between racks are proceeding as scheduled, with no material change to the product timeline. AI labs currently account for approximately 20% of NVIDIA’s total demand.