Nvidia's blowout quarter lifts Wall Street price targets

Nvidia reported fiscal second-quarter revenue of $96.22 billion, beating analyst expectations of $92.17 billion and marking a 106% year-over-year increase, with adjusted earnings per share of $2.22 also exceeding estimates. The stock rose 7% in after-hours trading following the announcement. CEO Jensen Huang guided for 70% revenue growth in fiscal 2028, citing an artificial intelligence "inflection point," which prompted multiple Wall Street firms to raise their price targets. Bernstein, Bank of America, Morgan Stanley, and others increased targets to between $300 and $400, with analysts highlighting strong demand and the upcoming Vera Rubin product cycle. Nvidia's stock is up about 12% year to date, in line with the broader market, though growth has moderated in 2026 amid valuation concerns and questions over hyperscaler AI spending commitments. The company also disclosed roughly $500 billion in cumulative multi-year supply commitments, while noting gross margins will decline to 72-73% due to rising memory costs.