By Adam Clark
Nvidia stock doesn't look like it will get a lift from its developer event this week. But Wall Street analysts are still applauding the chip maker's initiatives and there's another high-profile cheerleader -- Elon Musk.
The company's shares didn't respond much to the GTC event where the company unveiled an array of new artificial-intelligence trips and CEO Jensen Huang gave an upbeat forecast of $1 trillion in revenue for its flagship processors through 2027.
One persistent concern is that major customers such as Musk's Tesla and SpaceX -- which now houses his xAI company -- will look to replace Nvidia chips with their own processors. But the Tesla CEO played down expectations that in-house chips would fully replace Nvidia hardware within data centers late Wednesday.
"I am a huge admirer of Nvidia and Jensen [Huang] btw. That market cap is well-deserved," Musk said in a post on social-media platform X. "SpaceX AI and Tesla expect to continue ordering Nvidia chips at scale."
The post came as Musk was laying out plans for Tesla's Terafab, a large semiconductor manufacturing facility.
Meanwhile, Wall Street was happy enough with Nvidia's GTC announcements. Nvidia stock got a raft of target price upgrades, raising the average across analysts polled by FactSet to $268.96. Shares currently trade around $180.
One typical appraisal came from Truist Securities analyst William Stein, who raised his target price on Nvidia stock to $287 from $283 and kept a Buy rating. He noted that the company's $1 trillion revenue forecast for Blackwell and Vera Rubin chips alone excludes other hardware such as its processors based on technology from AI start-up Groq.
"Considering that consensus is for total data center revenue of $950B from 2025-2027, it's clear that there is at least modest upside in 2026 and 2027," Stein wrote.
Write to Adam Clark at adam.clark@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
March 19, 2026 05:13 ET (09:13 GMT)
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