NVDA · Semiconductors
NVIDIA Corporation
Designs GPUs, rack-scale AI systems, networking and software, and is the largest supplier of AI data-centre compute.
- Rating
- Price
- $230.00
- Price target
- $252.00
- Implied return
- +10%
- Market value
- $5,554bn
- Next results
- November 2026
NVDA$252.00+10%
Our view
Vishal Bhargava, CFA · updated Oct 9, 2026Target $252.00Implied return +10%Bear to bull $141.00 to $377.00
Data-centre demand is supply-constrained through FY2028, and revenue per gigawatt is rising from about $18B (Hopper) to $25B (Blackwell) to $40B (Vera Rubin). We deliberately model FY2028 revenue of $535B (+32%), less than half of management’s ~70% outlook, and the financing loop with OpenAI and Anthropic caps the multiple.
What could prove us wrong
- AI capex digestion, or disappointing returns on AI spending
- The financing loop: OpenAI and Anthropic stakes marked down, stretched receivables or neocloud distress
- Customer concentration: the top customer is 22% of revenue
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