Nvidia stock was mostly flat in early trading on Friday, consolidating recent gains that have lifted the stock to its highest level since early November.
Shares were down 0.1% at $192.22, after rising 0.5% in the previous session.
The stock has advanced over the past week on a mix of optimism around renewed access to China and encouraging signals from major customers’ earnings, reinforcing confidence in Nvidia’s dominant position in artificial intelligence infrastructure.
Analysts lift target price on Nvidia stock
Wolfe Research raised its price target on Nvidia to $275 from $250, arguing that the company’s shift toward rack-scale AI systems, higher average selling prices and sustained margins will drive earnings well beyond current market expectations.
Wolfe estimates that shipments of Blackwell-based racks reached about 1,000 units per week by the end of calendar 2025 and expects that pace to hold through 2026.
That implies annual shipments of roughly 50,000 to 60,000.
The firm also expects Nvidia’s next-generation Rubin platform to begin ramping in the second half of 2026 without delays, helped by design changes that simplify assembly.
Based on those assumptions, Wolfe forecasts approximately 55,000 Blackwell racks and 20,000 Rubin racks in 2026.
For 2027, it models around 55,000 Rubin racks and 15,000 Rubin Ultra racks.
Over time, Wolfe expects Nvidia to continue shifting its product mix toward rack-scale systems, with slower growth in HGX and other standalone platforms.
Earlier in the week, Morgan Stanley reiterated its Overweight rating and $250 price target on Nvidia, citing increasingly strong market checks across the artificial intelligence ecosystem.
The bank acknowledged that Nvidia’s shares have lagged recently as AI beneficiaries broaden and supply-chain constraints affect much of the semiconductor industry.
However, Morgan Stanley described concerns about potential market-share losses as “overblown.”
It said Nvidia’s upcoming Vera Rubin platform should reinforce its leadership in AI computing and help counter fears around competition.
Morgan Stanley also addressed investor unease around the financing of frontier AI model developers and Nvidia’s exposure to that ecosystem, saying the situation “requires some adjustment,” but does not undermine the long-term opportunity.
OpenAI IPO seen as potential catalyst
Investors are also watching developments around ChatGPT developer OpenAI for clues about sentiment toward the broader AI ecosystem.
OpenAI is preparing for a public listing as soon as the fourth quarter of this year and is pursuing a fundraising round of up to $100 billion at a potential valuation of $830 billion ahead of its IPO, according to a Wall Street Journal report citing people familiar with the matter.
A successful IPO would likely lift sentiment across AI-exposed stocks, including Nvidia.
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