Cantor Fitzgerald's CJ Muse on Nvidia: Our estimates move higher with growing 2026 confidence

Financial Performance & Estimates - Analyst estimates Nvidia could achieve $8 earnings per share, which, at a multiple of 30, leads to a $240 price target [1][3] - Analyst projects data center revenues to grow from a stretch goal of $200 billion this year to $300 billion next year [3] - Nvidia anticipates a potential $2 billion to $5 billion upside in the October quarter, primarily due to derisking China [7] Market Dynamics & Growth Drivers - Nvidia's CEO envisions $3 trillion to $4 trillion in AI infrastructure spending between now and 2030 [3] - Strong inference demand is driving significant uplift, leading to Nvidia being sold out [5] - Hyperscalers and sovereign entities are investing billions in AI development, contributing significantly to Nvidia's sales [6] Inventory & Supply Chain - Inventory is up 93% year-over-year, which is attributed to gearing up the supply chain for a fast and accelerating Blackwell ramp [4][6] - The company is experiencing supply constraints and cannot build fast enough to meet demand [5] China Market - China is currently not included in Nvidia's guidance [6] - Nvidia hopes to work with the US administration and China to sell its platform in China [7][8] Stock Performance & Investor Sentiment - The stock is down slightly despite a stellar report, possibly due to not being "100% clean," but is up 80% in the last 6 months [9][10] - Investors are generally not selling, and some would add to their positions if the stock pulls back further [10]