NVIDIA Blackwell Costs Twice As Much As Google and Amazon’s Custom AI Chips, Yet Morgan Stanley Says It’s Worth It

Morgan Stanley says NVIDIA’s Blackwell AI GPU systems can cost roughly 2x more to build out than Google TPU or Amazon Trainium-based data centers.

Even so, the bank argues the higher spend can be justified because Blackwell offers much stronger performance per watt than custom accelerators.

The report frames the key choice for hyperscalers as capex versus efficiency when deciding between NVIDIA GPUs and custom AI chips.

Morgan Stanley also says Rubin looks best in the efficiency comparison, reinforcing NVIDIA’s lead in compute performance.