Shares of two leading AI-related semiconductor stocks, NVIDIA (NVDA) and Advanced Micro Devices (AMD), are seeing increased attention from analysts. In a new report today, Mizuho’s Top analyst Vijay Rakesh maintained Outperform ratings for both stocks and raised their price targets to $205 each, highlighting strong momentum in AI server demand and hyperscaler spending.
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The five-star analyst noted that AI server demand is rising quickly, with more companies buying high-performance GPUs for their data centers. He also noted that major cloud and AI companies—often called “hyperscalers”—are investing heavily in data centers and GPUs, which is expected to boost sales for both NVIDIA and AMD. Finally, new GPU licenses in China could add hundreds of thousands of units, giving both companies a boost in the second half of 2025 and into 2026.
Mizuho Sees 13% Upside in NVDA Stock
Rakes raised the price target on NVDA to $205 from $192, implying 13% upside potential. He highlighted that AI server demand is rising sharply, with Nvidia seeing strong revenue growth from Taiwan-based server makers, namely Wistron and Wiwynn, a Foxconn subsidiary.
In addition, he believes that Nvidia’s upcoming GB200 and GB300 GPU launches should drive growth. Further, the new GPU licenses in China could add 300,000 to 500,000 units annually for NVDA and AMD in fiscal 2026, adding further upside.
On the financial side, Rakesh kept July-quarter estimates unchanged at $46.2 billion in revenue and $1.01 EPS, while raising full-year forecasts for 2026 through 2028. Fiscal 2026 is now projected at $208B revenue/$4.51 EPS, 2027 at $260B/$5.95 EPS, and 2028 at $292B/$6.71 EPS, reflecting strong AI demand and upcoming GPU launches.
It’s important to highlight that NVDA is scheduled to report its Q2 FY26 earnings on August 27.
Mizuho Sees 11% Upside in AMD Stock
Rakesh raised the price target to $205 from $183, signaling about 11% upside potential. He noted that AMD continues to benefit from rising spending by “hyperscalers” and strong GPU demand in China. He expects the company’s Instinct GPU revenue to grow from $8.57B in FY25 to $13.6B in FY27, driven by MI308 ramps in China and the upcoming MI355 launch.
On the financial side, he raised the September-quarter estimates to $8.80B in revenue and $1.15 EPS. He also increased the full-year forecasts for 2026 through 2028, reflecting growing product adoption and AI demand.
Which Is the Best AI Stock, According to Wall Street?
Using the TipRanks Stock Comparison Tool, we looked at how analysts rate the two AI leaders. Nvidia currently holds a “Strong Buy” consensus, with roughly 4% upside potential over the next 12 months. In comparison, AMD has a “Moderate Buy” consensus, with a slight 0.24% downside potential over the same period.
