Nvidia Stock Climbs as Bullish Calls Grow on Blackwell Demand

Nvidia (NVDA) shares climbed successful intraday trading Tuesday aft KeyBanc analysts hiked their value target for nan stock, citing better-than-expected request for Nvidia's upcoming Blackwell level to powerfulness artificial intelligence (AI).

Nvidia shares were up astir 3% astatine $131.56 astir noon ET Tuesday, extending gains earlier successful nan week aft bullish calls from UBS and Wolfe Research connected nan AI chipmaker's potential.

KeyBanc analysts lifted their value target for nan chipmaker to $180 from $130, which represents a much than 40% upside from nan stock's closing value Monday. The analysts maintained their "overweight" standing for nan stock.

Blackwell Demand Better Than Expected

KeyBanc expert John Vinh reported that request for Nvidia's upcoming Blackwell level is moreover amended than antecedently expected.

"The liking and request successful GB200 is greater than we initially had sized,” nan expert wrote, adding that nan Blackwell request "should support information halfway revenues of complete $200B successful 2025."

UBS analysts, alongside Wolfe Research, besides reported robust request for Blackwell supported by big tech's AI spending.

No Signs of Flagging Demand for Older Products

Amid immoderate concerns astir whether Nvidia could look an "air pocket" successful sales if immoderate customers opt to hold for Nvidia's latest tech alternatively of buying Hopper, Blackwell's predecessor, KeyBanc analysts said request for Hopper remains strong.

"Despite nan impending motorboat of Blackwell successful 2H24, we are not seeing immoderate signs of a request region arsenic request for H100 remains robust, arsenic we proceed to spot unreserved orders," nan analysts said, successful what could beryllium a promising motion for Nvidia's older products arsenic nan chipmaker rolls retired caller technology.

Nvidia plans for its next-generation AI platform Rubin to travel Blackwell, arsenic portion of its one-year merchandise rhythm to support up pinch nan improvement of AI technology.