On July 6, a research report landed and immediately started moving stocks. Japan’s Ibiden dropped as much as 10%. Kingboard Laminates fell 18% in Hong Kong. Samsung Electro-Mechanics slid 11% in Seoul. All three count Nvidia as a major client. The report alleged manufacturing delays had pushed Nvidia’s next-generation AI rack systems back by more than a year.Nvidia rejected the claims and said its roadmap has not changed. Jim Cramer watched that denial land and immediately went on CNBC to tell investors how he was reading it. He posted the same call on X. His message was short and specific.What SemiAnalysis alleged about Nvidia’s roadmapThe report came from SemiAnalysis, a semiconductor research firm that regularly covers supply chain dynamics and has moved markets with its calls before. The firm posted on X on July 5 that Nvidia’s Kyber NVL144 architecture, designed for Rubin Ultra GPUs and demonstrated by Jensen Huang at GTC roughly four months earlier, has slipped by more than 12 months. The firm was specific about the cause: “Kyber NVL144 rack architecture has been delayed to 2028 as the PCB midplane remains challenging from a manufacturability standpoint.”SemiAnalysis also claimed Nvidia scrapped its NVL72x2 back-to-back rack design entirely after hyperscaler customers rejected it as operationally awkward and costly. A larger system, the NVL576, which links eight racks with optical cables, is also likely delayed or limited to small volumes. Taken together, those claims leave Nvidia without a proven way to scale up its most powerful Rubin Ultra systems. SemiAnalysis said that gap could give AMD and Google a rare technical opening at the high end of the market.More Nvidia:Nvidia’s workplace culture sends Big Tech a warningNvidia’s $25B bond deal sends investors a clear signalBank of America resets Nvidia stock forecast after CFO meetingNvidia’s supply chain felt the report within hours. Japan’s Ibiden fell as much as 10% on July 6, Bloomberg reported. Kingboard Laminates tumbled 18% in Hong Kong, while Samsung Electro-Mechanics slid 11% in Seoul. Nvidia told Yahoo Finance: “Our roadmap remains intact.” The company pointed to its current Rubin systems, already in full production and scheduled to ship this fall to Amazon Web Services, Microsoft Azure, and Google Cloud, according to CNBC.What Cramer said and why he used the word revengeCramer’s response was direct. He went on CNBC and called the chip stock selloff “misguided selling,” saying investors who sold were now facing a “revenge trade.” He posted the same message on X.”Nvidia says its roadmap intact. That, to me, means buy,” Cramer wrote on X.The days before July 6 gave him something to push back against. AI chip stocks had cracked after hedge fund manager Michael Burry renewed his bubble warnings on markets. Memory stocks dropped sharply amid fears of a supply glut. The sector pulled back just as it was coming off one of its strongest quarters on record.The Philadelphia Semiconductor Index gained 87.8% in the second quarter of 2026, its best quarter since records began in 1994. Nvidia lagged that rally. The stock was trading near $196.58 on July 6, up about 2%. Worth noting: SemiAnalysis itself projected Nvidia’s data-center compute revenue will run 20% above Wall Street consensus in the second half of fiscal 2027. The firm was raising concerns about the 2028 timeline, not about near-term revenue.Cramer has seen Nvidia navigate reports of delays before. When Blackwell delay reports surfaced in August 2024, Nvidia rejected them, fixed a design flaw, and shipped several billion dollars of hardware within months, Benzinga noted. He is betting the same outcome here.
Cramer has been consistent on Nvidia for monthsSantiago/Getty Images
Why Nvidia’s response to SemiAnalysis carries weightNvidia pushed back quickly. The company told media outlets that its roadmap has not changed and issued a direct rebuttal to both of SemiAnalysis’s claims. Investors had a concrete response from the company to weigh against the research firm’s report before markets closed on July 6.The Blackwell precedent matters here. In 2024, the delay narrative was specific, sourced, and circulated widely. Nvidia’s internal team identified the problem, addressed it, and delivered product on a timeline that satisfied hyperscaler customers. The company emerged from that episode without losing its dominant position in AI infrastructure spending.Whether the Kyber NVL144 situation follows the same path depends on whether the PCB midplane problems SemiAnalysis describes are real, fixable, and already being worked on. Nvidia’s public position is that they are not a problem at all. The next earnings report will give investors their clearest look at whether rack-level friction has reached data center revenue.What Cramer’s Nvidia call means for investors right nowCramer has been consistent on Nvidia for months. He named five AI stock picks earlier in July, favoring chip suppliers over Big Tech giants, and Nvidia has stayed near the top of his list. His view has been to own the stock, not trade it. A manufacturing rumor from a research firm does not change that stance.For investors trying to sort through the noise, the setup is fairly clear. SemiAnalysis has a real track record and has been right about supply chain details before.Nvidia also has a track record: handling delay narratives, resolving the underlying issues, and keeping its business intact through the process. Its current Rubin systems are already shipping to customers. As TheStreet reported, Bank of America’s most recent read on Nvidia after meeting with CFO Colette Kress reaffirmed confidence in the roadmap and set a $350 price target. Cramer is placing his confidence in that execution history over the delay report.The stock has lagged the semiconductor index through a quarter in which the index posted its best performance on record. The supply chain selloff on July 6 showed how quickly a credible report can move adjacent stocks before the underlying claims are even verified. Investors watching Nvidia heading into Q2 earnings have a specific reason to pay attention to what management says about the Rubin Ultra rollout timeline.Related: Nvidia CEO sends serious wake up call to all Americans