Nvidia: Dominating the AI Revolution, Analyst Report Predicts Continued Growth

  • Oppenheimer analyst Patrick Scholes maintains Nvidia Corp NVDA with an Outperform rating, raising the price target from $300 to $350.
  • The chipmaker reports its quarterly results on May 24. Scholes saw an upside to print and outlook. 
  • Nvidia's Data Center Products will likely go up through the year as cloud vendors scale-out AI infrastructure. ChatGPT has sparked a sense of urgency some call "AI's iPhone moment." AI models continue to grow and proliferate. 
  • The company's complete stack hardware and software platform remains the cornerstone of an expanding AI ecosystem. 
  • Nvidia's A100 and H100 accelerators enjoy a dominant training share as they increasingly penetrate inference workloads. 
  • Grace (ARM CPU) and Bluefield (DPU) round out NVDA's AI hardware line-up. 
  • Gaming channel inventory has normalized and is ready for accelerated growth into the second half. 
  • Nvidia's AI-led structural growth thesis is intact, deems the analyst. 
  • DC, high-performance gaming, and auto are triple players for sustained growth. 
  • As per the analyst, the chipmaker remains a best-in-class play on AI adoption. 
  • Sustained structural growth led by DC AI as cloud accelerator attach picks up (could hit 40– 50% within five years, from 20% today). 
  • The analyst remains a long-term buyer.
  • Price Action: NVDA shares traded higher by 3.59% at $312.56 on the last check Thursday.
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