Mizuho raises forecast for Nvidia shares, says this month’s earnings will be next big AI catalyst

• Mizuho said Nvidia’s upcoming earnings report is the next big catalyst for AI stocks.

• Demand for Nvidia’s GPU chips remains strong despite potential delays to its Blackwell chip, the bank said.

• Mizuho raised Nvidia’s price target to $132, representing a 26% upside potential from Thursday’s close.

Nvidia The stock has fallen nearly 20% over the past month, but investors have plenty of upside potential and its upcoming earnings report will be a major catalyst for AI stocks, according to Mizuho.

The bank said in a note this week that investors should ignore the noise related to Potential delays for Nvidia’s next-gen Blackwell chip, saying it still sees continued demand for its GPU chips.

Nvidia’s capacity for its current-generation H100 and H200 chips remains “tight,” Mizuho said, and any delays for Blackwell won’t impact demand but will simply delay the company’s revenue by about two to three months.

“Demand remains unchanged,” said Mizuho CEO Vijay Rakesh. “NVDA continues to lead the charge.”

The bank raised its price target for Nvidia from $127.50 to $132, representing a 26% upside potential from Thursday’s close.

Perhaps most important is Nvidia’s ability to raise prices for its next-generation chips, which should increase the average selling price of its AI-enabled GPUs, Rakesh said.

For Nvidia’s Blackwell NVL72 GPU rack, the cost could be more than $3 million, while its GB200 superchips could cost between $50,000 and $70,000 each, according to Mizuho.

That would represent a big leap from Nvidia’s H100 chips, which cost about $40,000, and its H100/B100 GPU rack, which costs about $300,000 to $400,000, the bank said.

These strong price increases should continue to be a tailwind for Nvidia through 2025 and beyond, with Mizuho raising its earnings estimates for Nvidia in 2026 and 2027 when the company launches its next-generation Rubin-based GPU chips.

By 2027, Mizuho expects Nvidia to generate nearly $200 billion in revenue, more than triple the $61 billion it generated in 2024.

“We continue to view NVDA as the winner in the AI ​​GPU space, with AMD being the second largest player,” Rakesh said. “We would like to highlight that NVDA will be reporting its results on August 28, which we see as the next major catalyst for AI-related names.”

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