TLDR
- NVDA stock was up 0.5% in premarket Wednesday at $185.60, after gaining 1.2% the previous session
- GTC developer event runs March 16–19, where Nvidia is expected to unveil new hardware including a possible inference chip
- AI startup Thinking Machines Lab will deploy at least one gigawatt of Nvidia’s Vera Rubin hardware, a deal Nvidia called a “significant investment”
- UBS, Truist, and Bank of America all hold Buy ratings on NVDA with price targets of $245, $283, and $300 respectively
- Wall Street consensus is Strong Buy based on 38 Buys and one Hold, with an average price target of $273.61 — implying ~48% upside
Nvidia stock edged higher Wednesday as supply chain concerns eased and attention shifted to its annual GTC developer conference, set for March 16–19.
NVDA was up 0.5% in premarket at $185.60, building on a 1.2% gain from the previous session. The broader market also ticked up slightly.
The GTC event is being watched closely by Wall Street. Nvidia is expected to show new hardware, potentially including a chip built for AI inference workloads.
UBS analyst Timothy Arcuri doesn’t expect GTC to be a “thesis-altering” event, but says it should give investors more confidence around system scalability and Nvidia’s networking leadership.
Arcuri flagged that Nvidia is now the largest chip-networking player by revenue. The company has also forecast that its year-end networking sales run-rate will surpass the combined cumulative revenue of all other players in the space.
One area analysts are watching closely is co-packaged optics — a technology that integrates optical engines directly alongside chips to handle fast data transfer. Nvidia recently committed $2 billion each to optical component makers Coherent and Lumentum, along with multibillion-dollar purchase agreements.
Arcuri kept his Buy rating and $245 price target on NVDA.
Truist analyst William Stein is also watching for confirmation that Nvidia will ship its next-generation Vera Rubin hardware in volume during the second half of this year. He also wants more details on the post-Rubin Feynman chip architecture.
Stein called GTC a “positive catalyst” and expects management to signal that supply, production, and demand are aligned. He holds a Buy rating with a $283 target.
Thinking Machines Deal Adds Pre-GTC Momentum
Ahead of the event, Nvidia got a boost from an announced deal with AI startup Thinking Machines Lab. The company, led by former OpenAI executive Mira Murati, will deploy at least one gigawatt of Vera Rubin hardware.
Nvidia also said it made an investment in Thinking Machines, though no financial terms were disclosed. CEO Jensen Huang has previously said that a one-gigawatt data center equates to roughly $35 billion in hardware spending. Deployment is expected to begin early next year as part of a multiyear deal.
Bank of America Eyes Product Roadmap Through 2028
Bank of America analyst Vivek Arya reaffirmed a Buy rating with a $300 price target. He’s focused on three things at GTC: an updated product roadmap through the Feynman GPU generation in 2028, an expanded lineup of inference and decode solutions, and details on proprietary optics in scale-up networks.
Arya noted that consensus for Nvidia’s data center revenue is already around $750 billion for 2026–27 and close to $1 trillion for 2027–28.
Wall Street overall holds a Strong Buy consensus on NVDA — 38 Buys and one Hold. The average price target sits at $273.61, implying about 48% upside from current levels. The stock has gained more than 70% over the past year.
AMD was up 0.2% and Broadcom gained 0.1% in premarket trading Wednesday.
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