Nvidia Stock Has a Massive AI Tailwind. Here’s the Bull Case Vandita Jadeja Tue, October 13, 2026 at 1:00 PM EDT 5 min read NVDA +0.47% Trade NVIDIA on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
NVDA trades at $229.92 with 58 analyst buy ratings and a consensus price target of $328.72, implying roughly 43% upside.
Vera Rubin generates $40 billion per gigawatt in revenue opportunity, nearly double Blackwell's yield, as hyperscaler capex rises toward $1.3 trillion in 2027.
Reaching $350 requires a 52% gain, a move NVDA has surpassed 13 times since 2000, supporting a 22x fiscal 2028 earnings multiple.
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NVIDIA (NASDAQ:NVDA) has shown AI demand keeps compounding in 2026. Shares are up 23.57% year-to-date at $229.92, with a five-year gain of 1008.58%. Data centers drive the business.
Second-quarter fiscal 2027 revenue reached $96.22 billion, up 105.8% year over year, with Data Center sales at $89.02 billion. CEO Jensen Huang said: "AI has reached its inflection point. It's doing useful work. Its tokens are productive and profitable. Now, compute is revenue."
Below, I walk through what NVIDIA would need to do to reach $350 per share in 2027.
The average analyst price target is $328.72, meaning about 43% upside. The stock has 10 strong buys and 48 buys against 2 holds and 1 sell.
Consensus calls for EPS of $9.3073 in fiscal 2027 (ending January 2027) and $15.6951 in fiscal 2028, which works out to nearly 69% growth. Management expects fiscal 2028 revenue to grow approximately 70% and describes that outlook as supply-constrained.
Ninety days ago, the fiscal 2028 EPS estimate was $12.7102. Over the past 30 days it drew 46 upward revisions and zero cuts. NVIDIA has also beaten EPS estimates for six consecutive quarters. Most recently it reported $2.22 against a $2.0887 consensus.
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At today's price, NVIDIA trades at about 15x fiscal 2028 earnings. At $350, the multiple would be roughly 22x. That is reasonable for a business with a 60.4% operating margin and nearly 69% expected EPS growth.
Gene Munster of Deepwater Asset Management said on CNBC: "Even though the multiple of Nvidia will probably continue to go down, I think the stock will continue to rise."
Vera Rubin's ramp: NVIDIA expects "the fastest product ramp in NVIDIA's history." Each gigawatt represents about $40 billion in revenue opportunity versus $25 billion for Blackwell.
Hyperscaler spending: Capital spending by the top five hyperscalers is projected to rise from nearly $800 billion in 2026 to $1.3 trillion in 2027.
Demand exceeding supply: Customer forecasts point to growth doubling next year, potentially driving results past 70% guidance.
Capital returns: NVIDIA returned $26 billion to shareholders in Q2 and has about $99 billion left on its buyback authorization.
Real risks exist. Higher memory costs are expected to pull gross margin to 71% to 72% in Q4, and guidance assumes no China data center compute revenue.
Sentiment can shift quickly. The same hyperscaler expansion driving NVIDIA also lifts the power, cooling, and networking suppliers behind the data centers (we pulled together seven of them in a free AI infrastructure report).
Reaching $350 would require a 52% gain. Since 2000, NVIDIA has done better in 13 calendar years.
Shares rose 239% in 2023, 171% in 2024, 227% in 2016 and 125% in 2021. With a market cap near $5.55 trillion, triple-digit years will be harder. Still, a 52% move is well below past peak years.
Reaching $350 would mean a 52% gain in 2027. Wall Street sees 43% upside, estimates keep rising, and Vera Rubin enters production with orders in hand.
If hyperscaler spending reaches $1.3 trillion and NVIDIA keeps beating forecasts, a 22x multiple on fiscal 2028 earnings looks possible. This is the path NVIDIA could take to outsized returns in 2027.
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