Goldman Sachs raised its 12-month price target for Nvidia to $210 while maintaining a Buy rating, citing continued strength in earnings and expanding AI-related partnerships, including its collaboration with OpenAI.
The bank said Nvidia’s aggressive investments across the AI value chain reinforce its position as the sector’s dominant infrastructure provider. Goldman acknowledged that some “circular revenue” — stemming from equity-linked arrangements with AI startups that also purchase Nvidia hardware — could affect valuation multiples, but estimated this will account for less than 15% of 2027 revenue.
Overall, the firm said these partnerships are strategically accretive, strengthening Nvidia’s ecosystem and underscoring confidence in long-term AI demand and growth potential from both core and new customers.
---
Goldman’s upgrade reinforces bullish sentiment toward Nvidia and the broader AI trade. The note suggests limited risk from circular revenue and highlights strong demand visibility into 2027, potentially adding momentum to semiconductor and AI-hardware peers.
