Nvidia's Biggest Product Cycle Looms Amid Record High Hopes

Nvidia's upcoming product cycle is expected to be its biggest yet, but whether it will lead to another record high for the company remains uncertain.

According to Citi, Nvidia's FY27/28/29 EPS is expected to rise by 2%/25%/38%, with a target price of $315 or 21x vs prior 24x to reflect lower market multiples times revised CY27 EPS. The firm maintains a Buy rating on the stock.

Meanwhile, Alphabet has raised its TPU sale estimates to ~$27bn/GW (vs. $20bn prior), now assuming 30% GMs. Cloud '27 rev/EBIT rise by 6%/2%, and Cloud reaches ~50% of GOOGL EBIT by '28.

Goldman Sachs views Amazon as best positioned in agentic commerce, given it (1) already owns every component of the purchase journey, (2) has rich customer data and (3) has an established and trusted user base through the Prime membership.