NVDA
Wall Street’s favorite AI stress ball
Nvidia basically walked into the room, said its fiscal 2028 outlook looks strong, and sent analysts scrambling to rewrite their napkin math. KeyBanc, Bernstein, and Goldman all came away more bullish, arguing that demand for Nvidia’s chips still looks strong enough to keep growth humming for years.
The catch? Nvidia still can’t make chips fast enough
That’s the weirdly luxurious problem here: demand appears to be running ahead of supply. KeyBanc said Nvidia’s 70% FY2028 revenue-growth outlook blew past Wall Street’s roughly 45% expectation, while also noting the company thinks it could support 100% growth if supply weren’t the bottleneck. Translation: the line outside the club is long, but the bouncer is the supply chain.
Why analysts are getting louder
Bernstein’s Stacy Rasgon lifted his price target to $400 from $315, pointing to:
- a strong Rubin ramp with no obvious delays
- higher earnings estimates across the Street
- Nvidia’s huge supplier commitments, which help it lock in memory, wafers, and other critical inputs
Goldman’s Jim Schneider also got more upbeat, nudging his target to $300 from $285 and saying customer demand may be even stronger than the company’s own outlook suggests. He also flagged the gross-margin outlook as evidence that rising component costs aren’t eating Nvidia alive — at least not yet.
The investor takeaway
The stock was softer in premarket trading, because of course mega-cap tech can’t just have one clean headline without a little mood swing. But the bigger message is pretty simple: if Nvidia really can keep AI demand elevated this far out, the market may still be underestimating how long the party lasts. Big picture: the AI boom is looking less like a sprint and more like a multi-year runway.