Fast forward to November 2025, and the chip giant has since surged past US$5 trillion in market value, with Wall Street upping its own conviction that the story is still in its early innings.<\/p>\n
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Nvidia’s one-year share price performance (Source: TradingView)
\nNvidia can soar to US$8.5 trillion on a \u2018golden wave\u2019 of AI adoption<\/p>\n
According to a report sourced via AlphaSense, Loop Capital\u2019s Ananda Baruah overnight raised his Nvidia price target from US$250 to US$350, reiterating a Buy rating and forecasting what he calls a \u201cramp that will essentially double GPU unit shipments over the next 12\u201315 months.\u201d<\/p>\n
“Our work suggests we are entering the next ‘Golden Wave’ of Gen AI adoption and Nvidia is at the front-end of another material leg of stronger-than-anticipated demand,” Baruah said.<\/p>\n
He expects not only shipment growth but also average selling price expansion and rising networking-gear attach rates – all of which point to material upside to Wall Street’s earnings estimates.<\/p>\n
“Our work suggests Nvidia is about to begin a ramp (of graphics processing units) that will essentially double its unit shipments the next 12-15 months while seeing the benefit of ASP (average selling price) expansion and networking (gear) ‘attach’,” he said.<\/p>\n
Goldman Sachs lifted its target to US$240 (from US$210), while Rosenblatt\u2019s Kevin Cassidy also moved to US$240 (from US$215), writing that a recent conference hosted by the company showed it has a massive US$500-billion-plus in Blackwell orders through 2026.<\/p>\n
Nvidia\u2019s stock jumped over 2% in U.S. trading overnight to close US$206.88 as other brokerages joined the bullish chorus. The upside from that to Baruah’s target is nearly 70%.<\/p>\n
A global web of AI alliances<\/p>\n
In the past week alone, Nvidia has secured or benefited from a string of headline-grabbing partnerships:<\/p>\n
South Korea\u2019s AI infrastructure project will deploy over 260,000 Nvidia GPUs, backed by Samsung, SK Group, Hyundai and Naver.<\/p>\n
Microsoft\u2019s US$15.2 billion investment in AI infrastructure in the UAE includes major Nvidia processor orders.<\/p>\n
IREN’s multiyear cloud-services contract with Microsoft will rely on Nvidia chips.<\/p>\n
Amazon Web Services and OpenAI\u2019s US$38 billion partnership will run workloads on AWS infrastructure powered by Nvidia GPUs.<\/p>\n
Each deal reinforces Nvidia\u2019s grip on the global AI hardware and software stack – precisely the dominance Qiao Ma highlighted months ago.<\/p>\n
\u2018The Nvidia of the next decade is still Nvidia\u2019<\/p>\n
At Livewire Live, Qiao Ma argued that we\u2019re only in year three of the AI era\u00a0– the equivalent of 1993 for the internet.<\/p>\n
\u201cNvidia has laid out this incredible foundation, and the soil from which a lot of these flowers eventually blossom, at year three of a 15-to-20 year cycle,” she said.<\/p>\n
With Nvidia now on a one-year chip-release cadence, Qiao Ma likens competitors\u2019 efforts to racing Usain Bolt when he\u2019s already a kilometre ahead.<\/p>\n
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