Goldman Sachs sends blunt message on Nvidia stock after GTC

Despite all the bearish noise, Goldman Sachs isn’t backing down on Nvidia (NVDA) stock yet.
After another stellar GTC showing, the bank reiterated its $250 price target and maintained a buy rating, underscoring confidence in the AI giant’s tremendous upside from current levels.
It’s important to note that Goldman Sachs first raised its Nvidia price target to $250 back on Nov. 20, 2025. Since then, it has reiterated that target in multiple notes, including one following GTC.
At the time of writing on March 21, 2026, Nvidia stock was last trading at $172.70, per Yahoo Finance.
That said, Goldman Sachs analysts feel that CEO Jensen Huang’s keynote delivered exactly what the bulls needed to hear, in clearer demand visibility and a stronger case that AI spending isn’t slowing down.
Wedbush analyst Dan Ives, who recently praised the AI bellwether following its first day at GTC 2026, echoed that sentiment.
Ives said the company is still "alone at the top of the AI mountain," expanding its reach across everything from compute and networking to inference and robotics.
Ives also highlighted Nvidia’s massive lead over competitors in chips during a recent CNBC interview.
With greater clarity expected around hyperscaler spending and powerful new models built on Blackwell, Goldman sees a far steadier pipeline of catalysts that will keep momentum firmly on Nvidia’s side.
Wall Street updates Nvidia price targets after GTC 2026
Goldman Sachs sees Nvidia’s GTC takeaways reinforcing AI dominance
Goldman Sachs analysts came away from Nvidia’s high-profile GTC event with a view that did enough to support the stock’s earlier gains while reinforcing its bullish long-term setup.
A lot of that has to do with investors having more concrete visibility into where growth could come from next.
Naturally, a big part of that came from Nvidia’s massive $1 trillion revenue disclosure in data center sales through 2027. That alone helps answer a major concern among AI investors, especially those who believe that AI-led infrastructure spending might crest this year.
Another huge part of the conference was Nvidia’s major push into Groq’s LPX rack, a sign that the tech behemoth wants a much sizeable role in the next leg of AI demand.
Goldman’s Nvidia bull case by the numbers
12-month price target: $250.00
Nvidia stock price in the note: $183.22
Implied upside: 36.4%
Revenue forecast: $215.0 billion for 1/26, $393.6 billion for 1/27E, $521.5 billion for 1/28E, and $634.8 billion for 1/29E
EPS forecast: 4.52 for 1/26, 8.97 for 1/27E, 12.29 for 1/28E, and 15.41 for 1/29E
P/E ratio: 35.0x for 1/26, 20.4x for 1/27E, 14.9x for 1/28E, and 11.9x for 1/29E
FCF yield, a cash flow return metric: 2.5% for 1/26, 4.1% for 1/27E, 6.5% for 1/28E, and 7.8% for 1/29E
Here are four of the biggest takeaways from Goldman’s bullish note.
The cleanest takeaway is that Nvidia has a lot more visibility into its data center business through 2027, projecting north of $1 trillion (a massive $500 billion jump from its previous outlook) in combined compute and networking revenue from its Blackwell and Rubin platforms.
Nvidia just revealed a new inference-focused system built with Groq that could handle real-world AI workloads a lot more efficiently. For perspective, it can deliver up to 35 times better performance per watt and unlock 10 times more sales potential for complex AI models.
On networking, Nvidia said it was using both copper and optical rather than choosing between the two. So the new systems, like its Spectrum-X switches and Rubin-based racks, are tailor-made to scale massive AI clusters, with setups supporting up to 576 GPUs working together.
Finally, Nvidia is pushing harder into “agentic AI” with tools such as NemoClaw, which enable businesses to run autonomous AI systems efficiently. The overall goal is to make AI agents more practical and enterprise-ready.
On top of that, the bank sees the setup supported by multiple future catalysts, including clearer hyperscaler capital spending plans and new large language models trained on Blackwell, which should strengthen Nvidia’s tremendous performance edge.
Nonetheless, Nvidia’s bull case is far from bulletproof.
The firm flagged plenty of risks, including a marked slowdown in AI infrastructure spending, growing competitive pressures that could impact its market share, margin erosion as rivals get much more aggressive, and supply constraints limiting Nvidia’s ability to meet demand.
Nvidia’s recent earnings performance history
Nvidia has delivered four consecutive quarterly EPS beats, while its top-line growth has stayed consistently above the 50% mark in each period.
So despite its detractors, it’s clear that at least from a fundamental standpoint, Nvidia’s solidified its position as the market’s most compelling AI growth story. It also underscores that demand for its AI chips and related infrastructure has been remarkably resilient.
FQ4 2026 (Jan 2026): EPS 1.62 (beat by 0.08), revenue 68.13B (beat by 1.90B), year-over-year growth 73.21%
FQ3 2026 (Oct 2025): EPS 1.30 (beat by 0.04), revenue 57.01B (beat by 2.06B), YoY growth 62.49%
FQ2 2026 (Jul 2025): EPS 1.05 (beat by 0.04), revenue 46.74B (beat by 687.48M), YoY growth 55.60%
FQ1 2026 (Apr 2025): EPS 0.81 (beat by 0.06), revenue 44.06B (beat by 807.34M), YoY growth 69.18% Source: Seeking Alpha
Nvidia stock returns vs. Roundhill Magnificent 7 ETF
1W: Nvidia stock -4.19% versus Roundhill Magnificent 7 ETF -2.62%
1M: Nvidia stock -9.02% versus Roundhill Magnificent 7 ETF -6.76%
6M: Nvidia stock -2.25% versus Roundhill Magnificent 7 ETF -10.35%
YTD: Nvidia stock -7.40% versus Roundhill Magnificent 7 ETF -11.51%