Nvidia’s GTC 2025 keynote has just wrapped, and Wall Street is buzzing. CEO Jensen Huang unveiled groundbreaking innovations, including the Blackwell Ultra chips, Vera Rubin systems, and a surprise robotics partnership. Now, analysts from major firms like Goldman Sachs, Morgan Stanley, and Wedbush are weighing in. Here’s a breakdown of their reactions—and what it means for $NVDA’s future.
Read: NVIDIA GTC 2025 live: ALL News and announcements from CEO Jensen Huang’s annual keynote
🗣️Citi (Buy, PT: $163): “Jensen Huang (CEO of NVIDIA) delivered the GTC keynote today. Three key points jumped out to us: 1) NVIDIA is adding more color to its TAM expectations with total annual capex reaching $1T by 2028 as both inference and training continue to require more compute. 2) Blackwell is not only back on track, it is outperforming expectations with units (individual dies) from top 4 US hyperscalers already reaching 3.6M in 2025, 2.8x vs. Hopper’s peak year. 3) The company reminded investors that it is leading inference and is not stepping its foot off the gas with a blisteringly fast compute roadmap (B300, Rubin, Rubin Ultra), software leadership (e.g. Dynamo), and networking innovation (CPO). Net-net, we came out of the keynote reassured in NVIDIA’s leadership which, if anything, seems to be expanding. We view positively NVIDIA’s push for inference, which per company comments now requires significantly more compute. Maintain Buy.”
🗣️Morgan Stanley: “Our preliminary conclusions are positive. We aren’t sure what’s going to shift the market from taking a glass-half-empty view of this situation, but the demand picture will stay strong through the visibility window. The concerns we hear that ASICs are causing competitive and margin pressure are going to vanish fairly quickly when they materially outgrow ASIC competition in 2H, as gross margins return to the mid-70s. The stock trades at a P/E discount to direct peers. We expect the company to have a very confident tone in the Q&A in the morning, in contrast to the somewhat more restrained management view at CES when there were supply chain and Hopper challenges. The risk, of course, is government export controls, which appear likely. However, we remain optimistic that the limitations will be mostly China-specific and that requiring licenses in so-called ‘tier 2 countries’ will be limited. We remain OW, stock remains our top pick in semis.”
🗣️BofA (Buy, PT: $200): “We maintain Buy, $200 PO following a slate of product/partner announcements at the flagship GTC conference in addition to a post-keynote meeting with the CFO that demonstrated NVDA continuing to deepen its competitive moat in a $1T+ infrastructure/services TAM. We were excited by: 1) Structural uplift in demand in part fueled by over 100x greater compute intensity for inference evidenced by 1.8M Blackwell packages (each package = 2 GPUs) shipped/ordered to date vs. 1.3M Hopper units total in 2024 across top 4 CSPs. 2) New Blackwell Ultra, Rubin, and Rubin Ultra silicon/server/system platforms pointing to an unmatched roadmap as Rubin advances AI performance 900x (scale-up FLOPs) over Hopper (Blackwell is 68x) in a TCO-optimized way. 3) New CPO-based Spectrum-X and Quantum-X switches bolster networking edge and advance scale-out to +1M GPU clusters. 4) Physical AI TAM expansion progress with key announcements in robotics and AVs. 5) CFO discussions suggested confidence in GM recovery to mid-70% in 2H as Blackwell ramps. Overall, NVDA continues to dominate the AI value chain with its full-stack turnkey (hardware, software, systems, services, developers) model.”
🗣️KeyBanc (Overweight, PT: $190) “Today, NVDA CEO Jensen Huang kicked off GTC with a keynote speech with announcements largely in line with expectations heading into the event. Key takeaways: 1) Announced Blackwell Ultra (GB300) NVL72, which is expected to be 1.5x performance of GB200 NVL72 and is expected to be available in 2H25. 2) Announced Vera Rubin NVL144, with Vera being the next-gen ARM-based CPU and Rubin being the next-generation GPU, with 144 GPUs per rack and performance expected to be 3.3x GB300 NVL72 and expected 2H26. 3) Announced Co-packaged Optical (CPO) at 1.6TB, expected to ship in 2H25. NVDA continues to push the envelope on performance with its annual cadence roadmap, such that it remains the clear leader in AI. Maintain Overweight.”
🗣️Stifel (Buy, PT: $180): “The GTC Keynote featured updates on next-gen Blackwell Ultra, Rubin, and Rubin Ultra architectures. The Keynote also featured the launch of Dynamo – NVDA’s inferencing software designed for the optimization of reasoning models within data centers, which was described as the operating system for AI Factories. As was widely expected, Mr. Huang also touched on scale-out networking with the formal announcement of silicon photonics/co-packaged optics Quantum-X and Spectrum-X switches. On the enterprise infrastructure front, NVDA announced the DGX Spark and DGX Station PCs, offering AI capabilities and performance in a desktop form factor. Continued full-stack infrastructure development is targeted at evolving reasoning models and agentic AI, which NVDA believes will drive 10-100x compute intensity.”
🗣️Wells Fargo (Overweight, PT: $185): “While much of what was announced had been somewhat anticipated, we think NVIDIA’s continued full stack/platform innovation was once again showcased; NVDA is solidly in a league of its own. NVDA’s scale-up capabilities with networking innovations (co-packed optics/SiPho; NVLink evolution)—enabling racks of 576 GPUs per rack—is a key/significant competitive advantage that could drive incremental improvements in perf/tokens/$, broadening end-market applications.”
🗣️Cantor Fitzgerald (Neutral, PT: $200): “It’s tough not to be impressed. The excitement at GTC is palpable, and advancements being made in AI are truly amazing. The absolute key focus was on the extreme computing needed for inference at scale and the work NVDA is doing to enable the proliferation of greater intelligence (i.e., reasoning) across applications/verticals. At the crux of everything here is NVDA’s work in combining its best-in-class hardware with software initiatives, such as the newly announced Dynamo software stack that acts as the OS for AI factories, and when combined with Blackwell offers ~40x inference improvement vs. the prior-generation Hopper.”
🗣️Raymond James (Strong Buy, PT: $170): “During the keynote, NVDA’s CEO sounded highly confident about data center capex growth sustaining (to exceed $1T by 2028), and highlighted the company’s opportunities in Inferencing, Agentic AI, and Robotics. Blackwell demand remains strong, driven by top 4 CSPs. Blackwell Ultra is on track for 2H25 shipments and management sees a smooth transition. Vera Rubin NVL144 is on track for 2H26 and Rubin Ultra NVL576 for 2H27, with performance specs that would be hard to match, in our view. Overall, we walked away comfortable with long-term AI demand and continue to be impressed with NVDA’s roadmap & technology innovation. Reiterate Strong Buy.”
🗣️Bernstein SocGen Group (Outperform, PT: $185): “Nothing hugely surprised given all the pre-event speculation, but we still thought it sounded good. The roadmap looks really solid, and their capability gap vs competitors across their entire massive stack continues to widen. And the company still seems positive on datacenter growth, calling for $1T+ in datacenter capex by 2028 while capturing an increasing share of it. It is still NVIDIA’s game to lose, and they don’t appear to be losing…”
🗣️Deutsche Bank (Hold, PT: $145): “NVDA remains highly bullish about the future of AI compute spend, with its expectations for inference-related compute needs having 100x’d since last year’s GTC. NVDA sees a continued need for AI compute solutions to ‘scale-up’, and introduced several technological innovations which should drive this trend forward (sophisticated GPU roadmap, disaggregated NVLink switches, NVDA ‘Dynamo’ OS for AI factories, co-packaged silicon photonics options, etc.).”
🗣️UBS: “The first thing that hit us is the sheer volume of people competing to get into each panel at this event – it is, in our experience, extraordinary. NVDA’s edge AI panel highlighted the sheer breadth of its offerings spanning service provider, enterprise, industrial, embedded, and physical AI. Investors have lately often said ‘nobody makes much money yet from AI’ but IBM’s panel on ROI of accelerated computing showcased $3.5 billion in annual savings exiting C2024 via improved productivity.”
