·NvidiaWall Street’s advice after Nvidia hits historic $4 trillion market cap: BUYBY Paolo ConfinoBY Paolo ConfinoReporterPaolo ConfinoReporterPaolo Confino is a reporter on Fortune’s global news desk where he covers each day’s most important stories.
SEE FULL BIO Nvidia CEO Jensen Huang dering the keynote address at the company's GTC AI Conference in San Jose on March 18, 2025.
JOSH EDELSON / AFPA day after Nvidia set a new record by reaching a $4 trillion market cap, at least three Wall Street analysts issued new reports that rated the stock a buy, according to Bloomberg data.
The bulls pointed to Nvidia’s role as the premier chipmaker and the fact that compared to its fundamentals, the stock is still trading at a fair price.
Wall Street is betting Nvidia can make stock market history again.
After the chipmaker powered its way to a $4 trillion valuation, the first company to ever reach the milestone, analysts still see room for the stock to grow.
The upside for Nvidia, according to its biggest bulls, remains incomplete. There are more returns to be had, they argue. Nvidia is one of the most beloved stocks by investors.
It seems to have ridden the stock market exuberance of AI more than any other company.
Investors continue to reiterate its strength as the purveyor of the best AI chips that hyperscalers Meta, Alphabet, and Amazon use.
Of the 79 analysts who currently Nvidia, 69 rate it a buy, according to Bloomberg. That’s good for an 87% buy rating among analysts. Only 11 rate it a hold.
And just one lone holdout lists it as a sell. On Thursday, after Nvidia hit the $4 trillion mark, some analysts were unfazed at the spect that perhaps the chipmaker had reached its stock market peak.
At least three analysts published new reports rating the stock a buy, according to Bloomberg data.
Goldman Sachs, Keybanc Capital, and Bocom International, the subsidiary of Hong Kong’s Bank of Communications, all listed Nvidia as either a buy or an overweight.
Their price targets ranged from $175 to $190, implying growth of between 8. 4% for Nvidia stock from the $161. 84 per at the time of publication.
Despite Nvidia’s valuation, its fundamentals don’t point to an expensive or overpriced stock, according to Paul Meeks, chief investment officer at 17 Asset Management.
“The stock has come far, but sales, earnings, and cash flows have come farther,” he told Fortune. Indeed, Nvidia has dered outstanding financial performance.
Its quarterly earnings saw it bringing $44 billion in revenue, a 69% increase from the prior year, according to company filings. Its margins remain plump, coming in at 60% over the same quarter.
Its balance sheet remains rock-solid with $111 billion in total assets compared to $32 billion in total liabilities in its 2025 fiscal year. Goldman was undeterred by Nvidia’s recent record valuation.
It called worries Nvidia’s sky-high price “peak concerns” in an analyst note published on Thursday.
“We believe Nvidia will remain the primary beneficiary of the AI infrastructure buildout,” Goldman semiconductor analyst James Schneider wrote.
Analysts built their bull case for Nvidia around the fact that it remains the market leader in all the components used to develop AI systems and that the market for all of those ducts will only grow over the next few years.
Nvidia has also spent the last couple years diversifying its offerings. “Nvidia’s well beyond the chips,” Meeks said.
The company also has a suite of software and networking gear used for things gaming and robotics.
Nvidia’s believers also often point to early signs that AI companies are finally starting to monetize the nology. Once that happens, demand for Nvidia’s ducts will only grow.
AI firms have already started to push further into the consumer market. Perplexity released an AI-powered web browser and OpenAI is slated to launch one soon.
Major cloud service viders Amazon and Alphabet will also start to incorporate more AI into their services which will only further boost Nvidia’s sales, according to longtime bull Dan Ives.
“The impact of the AI cycle on consumer Internet will be massive and it will start with the cloud service divisions,” Ives wrote on Thursday.
“[Amazon and Alphabet] acquire AI-capable chips, build AI-capable service offerings, and sell those services into their respective installed bases.
” But Nvidia’s fate is ultimately linked to that of its biggest customers. As they continue to spend, the stock will continue to soar.
The day that they pull back their billions in AI investments is the day Nvidia’s gets “crushed,” Meeks said.
“Only thing that would cause a bloodletting here is if we got a sense that major AI spenders pull back,” he said.
Introducing the 2025 Fortune 500, the definitive ranking of the biggest companies in America. Explore this year's list.