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Chip giant Nvidia (NVDA) is seen as one of the main beneficiaries of the artificial intelligence boom thanks to strong demand for its advanced graphics processing units (GPUs).
The stock has been under pressure recently due to concerns about AI gaming valuations and growing competition in the AI chip space from rivals such as Broadcom (AVGO), Advanced Micro Devices (AMD) and Alphabet-owned Google's Tensor Processors (TPUs). Nvidia also faces uncertainty surrounding chip exports to China amid geopolitical tensions between Washington and Beijing.
Despite the ongoing pressure, several top analysts remain bullish on Nvidia for several reasons, including its solid track record, strong execution, continued innovation, and dominance in the AI GPU market. TipRanks AI analyst also has an “Outperform” rating on NVDA stock with a price target of $205.
Let's take a look at the views of three of these Wall Street pros who are optimistic about Nvidia's growth potential.
Vivek Arya – Bank of America
After a virtual meeting with Nvidia's vice president of investor relations, Toshiya Hari, Bank of America analyst Vivek Arya reiterated his buy rating on NVDA stock with a price forecast of $275 and said he continues to view it as a top pick.
Among the key findings, Arya mentioned that while Nvidia agrees that Gemini 3 is a top large language (LLM) model trained on Google's in-house TPU, the company believes it is still too early to declare a clear winner. In particular, the company emphasized that the existing GPU-based LLMs available were all trained on the old Hopper architecture (2022) and cannot be compared to the upcoming LLMs trained on NVDA's Blackwell GPUs (2024).
Arya emphasized that management is confident about the expected launch of Blackwell-backed LLMs in early 2026, which would prove that “they are at least a full generation ahead of the competition.” In fact, external benchmarks like MLPerf and InferenceMAX see Blackwell as the clear leader in both training and inference, with Nvidia standing out on key metrics like tokens per watt and revenue per token.
The five-star analyst added that Nvidia continues to have demand and supply visibility for at least $500 billion in Blackwell, Rubin and Networking revenue opportunities for calendar years 2025 to 2026. Interestingly, recent deals with ChatGPT maker OpenAI and Anthropic/Microsoft are complementary to this $500 billion outlook (as they are letters of intent) and represent potential upside.
Overall, the meeting confirmed Arya's bullish thesis, as the analyst found NVDA stock's valuation attractive. Specifically, the price-to-earnings (P/E) ratio of 25x and 19x 2026 and 2027 earnings, respectively, only implies a PEG ratio of 0.5x. In comparison, the average for Magnificent Seven stocks and growth peers is 2x.
Arya is ranked #270 among more than 10,100 analysts tracked by TipRanks. Its valuations were profitable 58% of the time and delivered an average return of 17.7%.
Stacy Rasgon – Amber
Bernstein analyst Stacy Rasgon is also bullish on Nvidia's prospects and has a “buy” rating on the semiconductor stock with a price target of $275. In his latest note to investors, the analyst discussed some interesting insights from his virtual investor meeting with Stewart Stecker, senior director of investor relations at Nvidia.
Rasgon noted that the $500 billion forecast for cumulative Blackwell, Ruby and network revenues for calendar years 2025 and 2026 announced in October is likely to trend upward as new deals such as the one with Anthropic, the OpenAI 10 GW collaboration and partnerships in the Middle East are not included.
On concerns about competition from Google's in-house chips, Rasgon noted that while Nvidia acknowledges the progress Google has made over more than a decade, the company believes it is about two years ahead of the search giant's TPU program.
Nvidia argues that with the evolving AI market, it will be difficult for Google to convince cloud service providers to adopt TPUs because they are intended for specific model structures. “But they believe NVIDIA’s programmable platform solutions are still the best hardware for cloud AI infrastructure,” Rasgon said.
Regarding President Donald Trump's recent move to allow Nvidia to supply H200 AI chips to China, subject to a 25 percent cut going to the US, Rasgon noted that Nvidia is still waiting to secure licenses to supply H200 chips, after which the company intends to review demand requests and begin production. Additionally, Nvidia has not yet received details of the 25 percent revenue share with the US government and is currently unclear how this fee will be accounted for.
Rasgon is ranked #144 among more than 10,100 analysts tracked by TipRanks. His reviews were successful 67% of the time and delivered an average return of 27.3%.
Blayne Curtis – Jefferies
In a research note on semiconductor prospects in 2026, Jefferies analyst Blayne Curtis reiterated a “buy” rating on Nvidia stock with a $250 price target. Curtis named Broadcom (AVGO) as a top pick, citing the turnaround in ASIC (application-specific integrated circuits) and the highest level of estimate revisions expected for the company in the semiconductor group. Nevertheless, he remains optimistic about Nvidia.
“We have not given up on NVDA given the company's technological edge and valuation at 18 times $10 EPS,” Curtis said.
The five-star analyst claims that ASIC adoption is still in its early stages, giving Nvidia plenty of room for growth with robust spending. He believes ongoing concerns about NVDA are overstated, considering the Blackwell Ultra launch is on track and Rubin is scheduled to ramp up in the second half of 2026.
Additionally, Curtis noted Nvidia's dominance in AI chips and expects the launches of Vera-Rubin and NVLink 6 in the second half of 2026 to strengthen the company's position. He expects Blackwell-backed LLMs to launch in the first half of 2026 and act as a potential catalyst for NVDA stock.
Curtis also expects Nvidia's launch of its new CPX chip in the second half of 2026 to benefit from higher capital spending from hyperscalers and an increasing focus on inference. The analyst currently expects CPX to generate revenue of $13 billion in calendar year 2027. Because of all these positive results, Curtis increased his earnings per share (EPS) estimates for Nvidia for 2026 and 2027 from $6.83 and $9.03, respectively, to $7.82 and $9.50, respectively.
Curtis is ranked No. 58 among more than 10,100 analysts tracked by TipRanks. Its valuations were profitable 64% of the time and delivered an average return of 27.8%.