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Goldman Sachs evaluates NVIDIA stock after meeting with CFO

The key takeaway from this meeting is that the launch of the Blackwell GPU platform is imminent.

Compared to past generational changes, Kress says key suppliers are “better prepared” as they head to Blackwell lamps. Mr. Hari believes that Blackwell products will only generate “limited revenue” in the third quarter (October), but mainly GB200 NVL36 (18 Grace CPUs and 36 Blackwell GPUs are linked in a rack scale design) and NVL72 (36 Grace CPUs and 72 Blackwell GPUs are linked in a rack scale design) Driven by, “more significant increases” are expected in the fourth quarter (January) and fiscal year. First quarter (April).

Given the significant increase in hyperscale capital investment over the past year and a half and the strong “short-term outlook,” investors often wonder how long the current capital investment trend will continue. Hari anticipates this discussion will continue due to the early stages of Gen AI (and uncertainty surrounding its adoption rate), but while Nvidia is aware that it will eventually face a “cyclical correction,” recent analysis by Hari's colleagues who compared the ongoing Gen Al cycle to previous Compute build cycles gives some peace of mind. For example, Microsoft's current “capital investment efficiency” is about the same as in the 4th to 5th year of the cloud computing cycle, and Azure Al revenue after 5 quarters is above the trajectory of Azure 6 years after launch.

To this end, Hari is “buying” NVDA shares backed by a $135 price target. This means an increase of around 15% next year. (To see Hari's track record,)
The street average is slightly higher, at $140.85, and stocks are expected to rise 19% over 12 months. In terms of ratings, based on 37 buys and 4 holds, NVDA shares insist on a strong buy consensus rating.