Nvidia’s stock continues its remarkable ascent, trading at record highs above $142 per share as of Monday, representing a stunning 193% gain year-to-date. Despite this meteoric rise, Wall Street’s top analysts remain bullish, with several major banks raising their price targets in recent weeks ahead of the company’s November 20 earnings report.
Bank of America leads the optimistic forecasts with a $190 price target, up from $165, implying a 35% upside from current levels. The bank’s strategists cite Nvidia’s competitive advantage and the “generational opportunity” in the AI market, which they project will grow to $400 billion. They estimate the AI accelerator market will expand to $280 billion by 2027 from just $45 billion in 2023. BofA analysts highlight Nvidia’s “underappreciated” partnerships with enterprise giants like Accenture and Microsoft, noting that the company is becoming the “partner of choice” for AI in enterprise applications.
Goldman Sachs raised its target to $150, implying 6% upside, following a meeting with CEO Jensen Huang. The investment bank emphasized Nvidia’s “competitive moat” built on its installed base, innovation capabilities, and robust software offerings. Goldman analysts expect the upcoming Blackwell chip to generate several billion dollars in revenue starting in the January quarter, with continued growth beyond.
CFRA Research set a $160 target, reflecting increased confidence that Nvidia will exceed expectations in 2025 as Blackwell production ramps up. Senior equity analyst Angelo Zino noted that Blackwell will capture greater wallet share from hyperscalers, encompassing GPU, CPU, networking, and software revenue amid an “AI war in the cloud.”
Bernstein’s $155 price target similarly hinges on Blackwell’s success, with analyst Stacy Rasgon describing demand as “off the charts” based on supply checks and company commentary. CEO Jensen Huang himself characterized demand for the Blackwell chip as “insane,” underscoring the frenzied appetite for Nvidia’s AI-enabling technology. All analysts point to the same fundamental drivers: unprecedented demand for AI infrastructure, Nvidia’s technological leadership, and the transformative potential of the Blackwell architecture.
Key Quotes
Driven by our increased NVDA Data Center Compute outlook, we now see the AI accelerator market growing to $280bn by CY27E (and over time toward $400bn+) from just ~$45bn in CY23. AI models (demand) continue to evolve.
Bank of America strategists made this projection when raising their price target to $190, highlighting the explosive growth trajectory of the AI chip market and the evolving complexity of AI models driving demand.
insane
Nvidia CEO Jensen Huang used this single word to describe the demand for the company’s upcoming Blackwell chip, a characterization that has been widely cited by analysts as evidence of unprecedented market appetite for AI infrastructure.
By integrating seven chips, and each playing a role in delivering higher performance at the data center level, we view the introduction and ramp of Blackwell not only as a near- and medium-term revenue growth driver, but also a dynamic that extends Nvidia’s competitive advantage.
Goldman Sachs strategists explained how Blackwell’s technical architecture strengthens Nvidia’s market position, estimating it will generate several billion dollars in revenue starting in the January quarter.
This cycle, if the checks are any indication, must potentially be massive.
Bernstein analyst Stacy Rasgon told CNBC in October, referring to supply chain checks and demand indicators for Blackwell, suggesting the upcoming product cycle could be historically significant for Nvidia.
Our Take
What’s remarkable about this consensus bullishness isn’t just the price targets—it’s what they reveal about AI’s infrastructure requirements. Nvidia has become the essential infrastructure provider for the AI revolution, much like Intel was for the PC era or Cisco for the internet boom. The key difference: AI’s computational demands are growing exponentially, not linearly. The Blackwell chip’s seven-chip integration illustrates how AI workloads require increasingly sophisticated hardware architectures. The $280 billion market projection by 2027 suggests we’re witnessing the early stages of a multi-decade infrastructure buildout. However, investors should note the concentration risk: Nvidia’s dominance makes it vulnerable to competitive threats from custom chips by hyperscalers or geopolitical disruptions. The real test will be whether AI applications generate sufficient economic value to justify this massive infrastructure investment.
Why This Matters
This story represents a critical inflection point in the AI infrastructure buildout that’s reshaping the technology landscape. Nvidia’s continued dominance in AI chips signals that enterprise AI adoption is accelerating rather than plateauing, despite concerns about market saturation. The company’s projected growth from a $45 billion AI accelerator market in 2023 to $280 billion by 2027 illustrates the massive capital investment flowing into AI infrastructure.
The unanimous bullishness from major Wall Street institutions—even after a 193% stock surge—suggests that AI’s economic impact is still in early stages. Nvidia’s partnerships with hyperscalers and enterprise software giants like Microsoft, Accenture, and ServiceNow indicate that AI is moving beyond experimental phases into production deployment across industries. The “insane” demand for Blackwell chips, which integrate seven chips for enhanced data center performance, demonstrates that AI workloads are becoming more sophisticated and computationally intensive, requiring continuous hardware innovation. For businesses, this signals that AI infrastructure investments will remain a competitive necessity, while for the broader economy, it suggests AI-driven productivity gains may finally materialize at scale.
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