Nvidia (NVDA) is grabbing attention today after five-star Cantor Fitzgerald analyst C.J. Muse raised his price target on the AI chip giant to $350 from $300. He also said that CEO Jensen Huang has clearly outperformed the rest of the semiconductor industry. The call comes as Nvidia shares rally, thanks to a Reuters report that the U.S. Commerce Department approved about 10 Chinese companies to buy Nvidia’s H200 chips. Those companies reportedly include Alibaba (BABA), Tencent (TCEHY), ByteDance, and JD.com (JD), although the chips have not been delivered yet.
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New trading tool for NVDA bearsMuse’s main point is that demand for Nvidia’s computing power is still much greater than supply. He believes that Nvidia may already be sold out for both 2026 and 2027, which would mean customers are lining up years in advance for its chips. He also said that agentic AI, especially at companies like Anthropic and OpenAI, is proving that AI spending can generate strong returns. Because of this demand, as well as the semiconductor supply chain’s ongoing bottlenecks, Muse thinks that Nvidia can keep growing year-over-year through at least 2028 or 2029.
NVDA Stock Catalysts: May Earnings and Blackwell Chip Dominance
Interestingly, though, some investors have been frustrated that Nvidia’s stock has not moved as strongly lately as competitors like AMD (AMD), Intel (INTC), and others. However, Muse sees several possible catalysts that could change that. This includes Nvidia’s May 20 earnings report, along with more proof of its technology lead with Grace Blackwell and Vera Rubin, and evidence that its chips offer the lowest cost per token per watt compared with AMD and custom ASIC chips. He also pointed to more demand from agentic AI and a potentially large buyback of 10% to 15% of the share count over five years.
What Is a Good Price for NVDA?
Turning to Wall Street, analysts have a Strong Buy consensus rating on Nvidia stock based on 40 Buys, one Hold, and one Sell assigned in the past three months, as indicated by the graphic below. Furthermore, the average Nvidia price target of $279.28 per share implies 18.8% upside potential.
