Banking giant raises Nvidia stock price target

Core Viewpoint - Barclays has raised its price target for Nvidia to $200 from $170, driven by strong momentum in Blackwell chip production [1] Group 1: Stock Performance - Nvidia shares increased by 1.92% to close at $144.69, nearing an all-time high after a two-month recovery, with shares approximately 3% off the record closing high [1][4] Group 2: Revenue and Production Outlook - Barclays analyst Tom O'Malley raised Nvidia's compute revenue estimate to $37 billion from $35.6 billion, with quarterly projections of $42 billion for Q3 and $48 billion for Q4, exceeding Wall Street expectations of $40.8 billion and $46.2 billion respectively [5] - Blackwell production capacity reached 30,000 wafers per month in June, below the expected 40,000 wafers, but with healthy utilization rates and a positive supply chain outlook [5] - Blackwell Ultra is on track for Q3 mass production, with small volumes expected by quarter-end, and average selling prices reset to $35,000 for the second half [6] Group 3: Market Dynamics - Nvidia is expanding sovereign AI sales to countries developing national AI infrastructure, securing deals with Saudi Arabia and the UAE [7] - The Trump administration's sales ban to China resulted in a $4.5 billion hit in recent earnings, with an additional $8 billion write-down anticipated in the current quarter [7] - Despite challenges, Nvidia exceeded first-quarter revenue expectations due to Blackwell chip and server equipment sales, with O'Malley highlighting Nvidia as having "the most potential upside" in Barclays' coverage for the second half [8]