While a boom in artificial intelligence demand lifted shares of Nvidia nearly 191% this year, Goldman Sachs anticipates even more gains for the chipmaker as it enters a new growth period. Analyst Toshiya Hari reiterated his buy rating on the chipmaker while upping his price target to $495 from $440 a share on the "key enabler of traditional AI." He cited a "significant runway" for the chipmaker's data center business as new AI models require stronger compute and training.
From training alone, the analyst forecasts a $13 billion base case three-year revenue opportunity and a $316 billion bull case scenario. "We recognize that we are presenting a very large range of potential outcomes, but we believe this is fair given how nascent Generative AI is as a technology and the associated difficulty in predicting adoption rates," he said. Hari sees significantly lower but nonetheless lucrative revenue opportunities from inferencing for Nvidia.
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