Evercore ISI Lifts NVIDIA Price Target To $225, Reaffirms Outperform

Group 1 - Evercore ISI raised its price target on NVIDIA to $225 from $214 while maintaining an Outperform rating, highlighting confidence in NVIDIA's role as the dominant supplier in the AI ecosystem following a deal with OpenAI [1] - NVIDIA was selected as OpenAI's preferred supplier to address surging demand, with the agreement covering at least 10GW of AI infrastructure, including GPUs, racks, networking, and software [2] - The historical total addressable market for NVIDIA was noted to be $30–40 billion per GW, with potential for higher trends in the future [2] Group 2 - Evercore estimated that the OpenAI partnership could generate an additional $5.5 billion in revenue for NVIDIA in the second half of calendar 2026, adding upside to revenue forecasts [3] - The revenue forecasts are supported by benchmarks from large-scale projects such as Colossus, Prometheus, and Project Rainier [3]