Shares of Nvidia (NVDA +5.93%) charged sharply higher Wednesday, climbing as much as 5.6%. As of 11:41 a.m. ET, the stock was still up 3.9%.
The artificial intelligence (AI) chipmaker unveiled a host of developments during the keynote address at the start of its GPU Technology Conference (GTC) yesterday. Today, Wall Street and President Donald Trump are weighing in.
Nvidia's GB200 Grace Blackwell Superchip. Image source: Nvidia.
Bullish developments
At GTC yesterday, CEO Jensen Huang announced details regarding the company's work in AI, robotics, quantum computing, and more. Of note was the revelation that Nvidia has taken a $1 billion stake in Nokia and partnered with the company to develop next-generation 6G cellular technology, giving Nvidia a foothold in a new industry.
Several Wall Street analysts increased their price targets on Nvidia. One bullish example comes courtesy of Melius Research analyst Ben Reitzes, who maintained a buy rating and raised his price target to $300. That represents 49% upside compared to Tuesday's record close.
The analyst estimates AI infrastructure spending will hit $2 trillion by 2030, driving Nvidia's revenue to $800 billion. For context, Wall Street's consensus estimate for its fiscal 2026 (which ends Jan. 26, 2026) is roughly $207 billion. Put another way, Reitzes expects Nvidia's revenue to climb another 286% by the end of the decade.
President Trump also weighed in, calling Nvidia's Blackwell processor a "super-duper chip" and saying he plans to discuss it with Chinese President Xi Jinping in a meeting on Thursday. China issued a moratorium on the purchase of Nvidia's AI chips back in September.
NASDAQ: NVDA
Key Data Points
What AI slowdown?
Investors have been worried that the adoption of AI may be slowing, but Nvidia appears to have put those fears to rest for now. The backlog for its AI-centric Blackwell and Rubin chips has climbed to $500 billion through 2026. For context, that amounts to more than 5 times the lifetime value of its previous-generation Hopper chips, according to Wedbush analyst Dan Ives. Furthermore, the analyst predicts data center infrastructure spending by the major cloud providers will climb 43% to $632 billion next year.
As the leading provider of data center GPUs, Nvidia is sitting in the driver's seat.
