This week, the tech world was buzzing as the Nvidia (NASDAQ:NVDA) GPU Technology Conference (GTC) kicked off. Serving as the ideal stage for Nvidia to unveil and discuss its strategies for growth in the upcoming year and beyond, GTC is one of those highly anticipated events that grab the attention of Wall Street.
Among those who eagerly awaited the conference’s announcements is Rosenblatt’s Hans Mosesmann, a 5-star analyst ranked 4th amongst thousands of Wall Street stock pros.
After Nvidia CEO Jensen Huang delivered his keynote at GTC, held in a rock star-like environment at a packed SAP Center in San Jose, Mosesmann hailed Huang’s vision as he “ushered in the new Industrial Revolution of Gen AI, an entirely new industry where accelerated HW/SW compute is the dominant model.”
“The cost-down focus of the general-purpose compute world is now in secular decline, as implied by Jensen, and has moved to a focus on a need for a massive increase in scale delivered by accelerated computing,” the 5-star analyst went on to say.
The backbone of this new era will be built on the new Blackwell GPU platform, which Huang said is “pushing the limits of physics of how big a chip could be.” Mosemann calls it “the most ambitious project Silicon Valley has ever witnessed” and believes the GPU is probably sold out until 2025. Specs wise, Blackwell achieves a 2.5 times enhancement in training and a 5 times improvement in inference compared to its previous iteration, the AI-optimized Hopper GPU.
Blackwell has already garnered over 40 customers, which include notable names like SMCI, Meta, AWS, and Google Cloud. Products based on Blackwell are anticipated to be released by partners later this year and major cloud service providers such as AWS, Google Cloud, Microsoft Azure, and Oracle Cloud Infrastructure are expected to be among the first to provide instances powered by Blackwell.
Nvidia is also developing a rack-scale solution utilizing the unveiled GB200 and NVLink operations, the DGX GB200 NVL72, which will become a “new unit of data center goodness, likely unmatched for the foreseeable future.” Incorporating HBM3e and a cutting-edge NVLink super switch, the DGX GB200 platforms deliver an astounding 720 PFLOPS performance, which Mosesmann calls “top-tier supercomputer level for off-the-shelf.”
With such sound prospects ahead, Mosesmann has now raised his price target for Nvidia shares from the prior $1,100 to a Street-high of $1,400, suggesting the stock will gain 58% over the coming months. It hardly needs saying, Mosesmann’s rating stays a Buy. (To watch Mosesmann’s track record, click here)
Overall, of the 41 analysts to have chimed in with NVDA reviews over the past few months, 39 are bulls, while only 2 remain on the sidelines, all culminating in a Strong Buy consensus rating. That said, the $913.74 average target suggests the shares will stay rangebound for the time being. It will be interesting to see whether other analysts upgrade their targets should NVDA continue its forward march. (See Nvidia stock forecast)
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Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
