Goldman Sachs Boosts Nvidia Price Target to $240 Ahead of November Earnings
Wall Street heavyweight Goldman Sachs just placed a bigger bet on the AI chip giant.
The Bull Case Strengthens
Nvidia's price target got a significant boost from $210 to $240 as the financial giant anticipates strong November 19 earnings. This isn't just optimism—it's Goldman putting real numbers behind their conviction in the AI revolution's hardware backbone.
While traditional investors chase yesterday's trends, smart money keeps doubling down on the actual engines driving technological transformation. Another reminder that in tech investing, sometimes the picks-and-shovels play beats hunting for gold.
Goldman raises Nvidia datacenter estimates and outlines key earnings drivers
In the same report, Goldman Sachs increased its datacenter revenue forecast by 13%, citing stronger demand for AI computing power across hyperscalers and enterprise clients. James said the firm identified four factors likely to influence Nvidia’s stock performance after earnings.
These include more information about its $500 billion long-term revenue projection, updates on OpenAI deployments that rely on Nvidia hardware, progress on the company’s next-generation Rubin chip expected next year, and the possible resumption of its China business, depending on export restrictions.
James emphasized that visibility around these developments could shape Nvidia’s stock trajectory through year-end. He wrote, “we expect the debate around: (1) the magnitude of upside to hyperscaler CapEx; (2) contribution from non-traditional customers in CY26 to dictate stock price action into year end.”
He added that Nvidia’s stock will likely trade based on quantitative data points that give clarity on 2026 estimates. Nvidia shares have already climbed 51% this year, making it one of the top-performing stocks on the market.
AI enthusiasm lifts Nasdaq as Amazon fuels investor confidence
Elsewhere in markets, the Nasdaq Composite gained 0.4% on Friday, helped by a rally in Amazon, which boosted overall AI optimism. The S&P 500 finished flat after giving up early gains, while the Dow Jones Industrial Average dropped 108 points, or 0.2%.
Amazon shares jumped 10% after reporting that its cloud unit, AWS, saw 20% revenue growth in Q3, beating forecasts. CEO Andy Jassy said AWS is “growing at a pace we haven’t seen since 2022,” adding that demand for both AI and infrastructure services remains strong.
Amazon’s strong results also sent AI-related stocks higher. Palantir rose over 2%, Oracle gained 1%, and Tesla advanced 1%. Netflix added 3% after announcing a 10-for-1 stock split.
However, the gains followed a rough Thursday session where major tech stocks like Meta, Microsoft, and Nvidia pulled markets lower amid concerns about soaring AI spending. Meta suffered its biggest one-day loss in three years, reminding investors that not every AI bet pays off smoothly.
Despite the volatility, the S&P 500, Nasdaq, and Dow are all on track for a winning week and month. The S&P is up 0.4% this week, the Nasdaq 2%, and the Dow 0.3%.
For October, a month notorious for wild swings, the S&P has climbed about 2%, the Nasdaq more than 4%, and the Dow roughly 2%. The Dow is now pacing for its sixth straight positive month, something that hasn’t happened since 2018.
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