Nvidia is facing significant product setbacks, including a 12-month delay for the Kyber NVL144 to 2028 and the cancellation of the NVL72x2 back-to-back rack architecture. The author expresses a bearish sentiment toward Nvidia, citing poor execution and questioning the bullish narrative surrounding NPO (Near-Packaged Optics). These delays reportedly leave the Rubin Ultra platform with a limited scale-up domain.