Mizuho raises Nvidia stock forecast and says this month’s earnings will be AI’s next big catalyst

• Mizuho said Nvidia’s upcoming earnings report is the next big catalyst for AI stocks.

• Demand for Nvidia’s GPU chips remains strong despite potential delays to its Blackwell chip, according to the bank.

• Mizuho raised Nvidia’s price target to $132, representing a potential upside of 26% from Thursday’s close.

Shares of Nvidia have fallen nearly 20% in the past month, but a big upside for investors is coming, and its upcoming earnings report will be a major catalyst for AI shares, according to Mizuho.

The bank said in a note this week that investors should ignore noise about potential delays to Nvidia’s next-generation Blackwell chip, arguing that it is still seeing relentless demand for its GPU chips.

Nvidia’s capacity for the current generation of H100 and H200 chips remains “tight,” Mizuho said, and any delay for Blackwell will not affect demand, but simply delay the company’s revenue by about two to three months.

“Demand remains unchanged,” Mizuho CEO Vijay Rakesh said. “NVDA continues to lead the charge.”

The bank raised its price target on Nvidia to $132 from $127.50, representing a potential upside of 26% from Thursday’s close.

Perhaps most important is Nvidia’s ability to raise prices on its next-generation chips, which should increase the average selling price of its AI GPUs, Rakesh said.

For Nvidia’s Blackwell NVL72 GPU rack, the cost could be more than $3 million, while its GB200 superchips could cost somewhere between $50,000 and $70,000 each, according to Mizuho.

That would be a big jump from Nvidia’s H100 chips, which cost around $40,000, and the H100/B100 GPU rack, which costs between $300,000 and $400,000, according to the bank.

These big price increases should continue to be a tailwind for Nvidia in 2025 and beyond, Mizuho raised its earnings estimates for Nvidia in 2026 and 2027 when the company launches its next-generation GPU chips based on Rubin .

By 2027, Mizuho expects Nvidia to generate nearly $200 billion in revenue, more than triple the $61 billion it generated in 2024.

“We continue to see NVDA as the winner in the GPU AI space, with AMD being the second player,” said Rakesh. “We note that NVDA reports earnings on August 28, which we see as the next major catalyst for AI-related names.”

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