$NVIDIA(NVDA.US) — UBS PT RAISED TO $205 (FROM $175), BUY🔸 UBS sees FQ2 revenue ~$46B (~$1B beat).🔸 FQ3 guide: ~$54–55B ex-China, up to ~$57B incl. China.🔸 Supply chain checks suggest compute +20–25% Q/Q (~+$7–8B).🔸 Networking revenue ~$6B in FQ3 (up ~$1B Q/Q) despite 800G shortages.🔸 UBS expects data center revenue ~$49B in FQ3.🔸 On China: some reusable H20 inventory + new Hopper wafer orders; UBS thinks a Blackwell China version possible if U.S. eases restrictions under rare earth deal.