This seems like a more realistic assumption. Morgan Stanley's figure of 2 million B30 units is just absurd. Goldman Sachs suggests that B30's annual production could reach 1 million units. $NVDA

China Data Centers: Deleveraging and Improved Chip Supply Expected to Drive Stock Price Rebound Goldman Sachs (T. Zhao, 25/07/04) Goldman Sachs maintains a positive outlook on the Chinese data center industry, anticipating that with deleveraging progress and improved chip availability, the performance and valuations of GDS and VNET are likely to recover in the second half of the year. GDS and VNET Stock Prices Suppressed by Financing and Macro Disruptions, But With Significant Valuation Upside GDS and VNET's stock prices have consistently underperformed the market over the past three months. This is primarily due to dilution from convertible bonds and equity financing (GDS issued $550 million in bonds and an additional $142 million in equity; VNET issued $430 million in bonds), geopolitical tensions, and weaker capital expenditure from Chinese cloud vendors. REITs Issuance to Drive GDS/VNET Deleveraging, Expected to Improve Valuation and Cash Flow Structure GDS plans to issue C-REITs on the Shanghai Stock Exchange on July 14th. This issuance implies a 2026 EV/EBITDA multiple of 16.9x, which is higher than the current 13.5x valuation for GDS's China segment (excluding DayOne). This move is expected to generate approximately RMB 1.6 billion in net proceeds, aiding in deleveraging. VNET has also received approval to issue RMB 860 million in private REITs/ABS, and its future progress is worth monitoring. Improved Chip Supply Expected to Drive Order and Revenue Rebound in H2 Although maintaining a cautious stance on cloud vendor capital expenditures for Q2 2025, Goldman Sachs believes that with improved supply of AI chips in China, spending is expected to rebound in the second half of 2025. Despite being affected by the H20 ban, NVIDIA is developing B30 chips for the Chinese market, with annual production potentially exceeding 1 million units. GDS and VNET have high requirements for customer chip allocation and deployment pace, so improved chip availability will drive an increase in order volumes and accelerate revenue and EBITDA growth in 2026.