BofA Bullish on NVDA: $160 Target After Saudi AI Deal, GB300 Unveiling

Bank of America recently raised the price target on NVIDIA Corporation (NASDAQ:NVDA) to $160 from $150 and kept a Buy rating on the shares after Nvidia and AMD separately announced multi-year AI infrastructure projects with HUMAIN, a subsidiary of the Saudi Arabia Public Investment Fund. NVDA provides graphics, computing and networking solutions.

In an investor note, the analyst noted that the advisory, which sizes the projects to be likely around $3 billion – $5 billion annually, or $15 billion – $20 billion over a multi-year period, thinks sovereign AI could help address limited power availability for data centers in the US, plus offset headwinds from restrictions on US companies shipping to China.

Wedbush Sees Strong Blackwell Ramp, Reiterates Nvidia (NVDA) Outperform

A close-up of a colorful high-end graphics card being plugged in to a gaming computer.

NVDA CEO Jensen Huang recently announced a wave of new technologies and partnerships at the Computex 2025 conference in Taiwan to reinforce the company’s dominance in AI computing space. Huang opened the event with an update on the company’s next-generation GB300 systems, set to launch in Q3 of this year, offering major performance gains over current Grace Blackwell platforms.

While we acknowledge the potential of NVDA, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than NVDA and that has 100x upside potential, check out our report about this cheapest AI stock.

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