Worried about Nvidia's Blackwell supply constraints? Look on the bright side, according to Melius Research analyst Ben Reitzes.

"We tend to like 'constraints' -- since it means more sales are coming later," he wrote in a note to clients. The company could be setting the stage for revenue acceleration once the supply constraints ease, and margins could tick higher as well.

"Constraints would matter more if customers could just plug in a competitive chip and it acted the same with software -- but that isn't the case when you basically invented the whole space," he wrote of Nvidia's positioning.