Nvidia Can Hit $8.5 Trillion on ‘Golden Wave’ of AI, Loop Says
AdamSummary:
Nvidia is projected to surge from its $5 trillion valuation toward $8.5 trillion as analysts see a new “Golden Wave” of AI demand, boosted by upcoming Blackwell chip shipments and massive customer investment.
Nvidia Corp can add trillions more to its valuation after making history as the first company to ever breach a $5 trillion market capitalization, according to at least one analyst.
Loop Capital Markets on Monday raised its price target to a Street-high view of $350, up from $250. The new target represents upside of more than 70% from Nvidia’s last close of $202.49, and implies a market cap of more than $8.5 trillion. The average target is $231.
Shares rose 2% in premarket trading. The stock is up more than 50% this year, outperforming the 45% gain of the Philadelphia Stock Exchange Semiconductor Index.
“We are entering the next ‘Golden Wave’ of Gen AI adoption and NVDA is at the front-end of another material leg of stronger-than-anticipated demand,” wrote Loop analyst Ananda Baruah.
Nvidia is about to begin a ramp of Blackwell graphic processing unit chips “that will essentially double its unit shipments the next 12-15 months while seeing the benefit of ASP expansion,” Baruah said, referring to average selling prices.
Separately, Rosenblatt Securities raised its price target on Nvidia to $240 from $215, writing that a recent conference hosted by the company showed it has “a stunning $500B+ in Blackwell orders through 2026.”
“We continue to be impressed by the Nvidia’s AI platform rapidly expanding into other markets beyond the hyperscale data centers,” wrote Kevin Cassidy.
The rising optimism comes ahead of the Nov. 19 release of Nvidia’s results. Last week, results from other megacap tech companies reinforced how major Nvidia customers — including Microsoft Corp., Meta Platforms Inc., Alphabet Inc., and Amazon.com Inc. — all remain committed to their aggressive spending on AI.
Source: Bloomberg
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