Nvidia did not expand TAM as some expected, says KeyBanc

KeyBanc says despite some anticipation that Nvidia would increase the $1 trillion total addressable market for accelerated computing at yesterday’s developers conference, the company maintained it. Announcements from the keynote were largely in line with expectations, with Nvidia announcing its next-generation GPU architecture Blackwell and noted the size of the chip was 2-times that of H100, the analyst tells investors in a research note. The firm is encouraged by the announcements as it views them as reinforcing Nvidia’s leadership position in generative artificial intelligence. KeyBanc anticipates the average selling price and performance uplift from Nvidia’s news products will sustain its outsized earnings growth. The firm keeps an Overweight rating on the shares with a $1,100 price target.