BofA Hikes NVIDIA Price Target to $320 on Massive $1.7 Trillion AI Data Center Forecast

"Bank of America raised its price target on NVIDIA to $320 from $300 on Wednesday, reiterating its Buy rating after lifting its calendar year 2030 AI data center systems total addressable market forecast to roughly $1.7 trillion from $1.4 trillion previously. The firm sees 2026 as a year of accelerating AI sales and returns on investment, with 2027 driven by improving tokenomics as new compute and memory architectures ramp."

"For prudent investors, the call frames NVIDIA stock as the lead beneficiary of a larger, longer AI infrastructure cycle. The upgrade reflects growing confidence that hyperscaler capex will continue scaling through the decade. The defining number in Bank of America's note is the upgraded $1.7 trillion 2030 AI data center TAM. As the dominant supplier of AI accelerators, NVIDIA is positioned to capture the largest share of that incremental opportunity across hyperscaler and enterprise buildouts."

"As inference workloads scale, lower cost per token expands accessibility and compounds demand, a flywheel that NVIDIA's Blackwell ramp and Vera Rubin roadmap are designed to power. NVIDIA closed fiscal 2026 with revenue of $215.94 billion, up 66%, and net income of $120.07 billion. Data Center revenue reached $62.31 billion in Q4 FY2026 alone, up 75% year over year (YoY), with networking up 263% YoY."

"NVIDIA CEO Jensen Huang stated that "Computing demand is growing exponentially, the agentic AI inflection point has arrived," while guiding Q1 FY2027 revenue to about $78 billion. The outlook explicitly excludes any Data Center compute revenue from China. NVIDIA stock trades at $226 with a market cap of $5.46 trillion and a P/E ratio of 45x. The Wall Street consensus target sits at $269.17, with 57 Buy ratings against just three Hold or Sell calls."

Bank of America increased its NVIDIA price target to $320 from $300 while keeping a Buy rating. The change followed an upgraded forecast for 2030 AI data center systems total addressable market to about $1.7 trillion, up from $1.4 trillion. The firm expects 2026 to bring accelerating AI sales and improving returns on investment, with 2027 supported by better tokenomics as new compute and memory architectures ramp. NVIDIA is positioned as the lead beneficiary of a longer AI infrastructure cycle driven by continued hyperscaler capital expenditures. NVIDIA reported fiscal 2026 revenue of $215.94 billion and net income of $120.07 billion, with strong Data Center growth and networking gains. The outlook excludes Data Center compute revenue from China.

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