JPMorgan Sticks with Nvidia Overweight Rating Amid Strong Growth Outlook

JPMorgan reiterated its Overweight rating for Nvidia, maintaining a price target of $320.00 after meeting with the company's investor relations team. According to Harlan Sur, an analyst at JPMorgan, Nvidia's growth framework for fiscal year 2028 is driven by continued strength in hyperscalers, neoclouds, AI labs, sovereign AI, and enterprise demand.

Hyperscalers, which include major cloud providers, are expected to drive significant revenue growth for the company. The analyst noted that Nvidia's recent performance has been impressive, with revenue growth of 83% over the last twelve months.

Nvidia's platforms allow customers to use Grace Blackwell products for training and later shift those assets towards inference workloads, making it difficult to precisely quantify the training versus inference revenue split. The company expressed confidence that inference is now larger and continuing to grow as a percentage of the business over time.