• Goldman Sachs (NYSE:GS) reiterates Buy rating on Nvidia (NASDAQ:NVDA) with a $300 price target, implying 61% upside from current levels.
  • Analyst James Schneider expects near-term fundamentals to exceed Wall Street estimates, with shares trading at ~11x projected 2027 earnings.
  • Key investor concerns include data-center power availability through 2028, AI infrastructure financing, and the sustainability of AI demand.

Goldman's Bullish Call

Goldman Sachs is doubling down on Nvidia, reiterating its Buy rating and $300 price target on the semiconductor giant, according to a research note reported by Investing.com. The firm believes the recent AI-sector selloff has left Nvidia's risk/reward profile attractive, with shares trading at approximately 11 times its calendar-2027 EPS forecast of $16.70. At the current price of $186.64, that target implies roughly 61% upside—though not a guaranteed return.

Analyst James Schneider expects Nvidia's near-term fundamentals to exceed Wall Street estimates, citing strong demand for AI processors and networking gear. The call comes ahead of Nvidia's fiscal third-quarter 2027 earnings report, scheduled for November 17, which will serve as the immediate test of Goldman's thesis.

Valuation and Risks

Nvidia's data-center business now accounts for about 93% of total revenue, generating $89 billion of the $96.2 billion in quarterly sales reported for fiscal Q2 2027. That revenue more than doubled year over year, and management guided next-quarter revenue to approximately $108 billion. The company's adjusted earnings per share of $2.22 beat the consensus estimate of $2.09.

Yet investors are grappling with whether the AI infrastructure buildout can be sustained. Goldman flags visibility into power and data-center "shell" capacity through 2028 as a central issue. "What institutional investors like us are really focused on is regulatory stability," said one industry observer, speaking on condition of anonymity. The firm also highlights the sustainability of AI infrastructure financing, enterprise adoption, and customer return on investment as key tests of lasting demand.

Not everyone shares Goldman's optimism. Aletheia Capital recently downgraded Nvidia from Buy to Hold, citing risks associated with its AI Computing Partner program and increased financial commitments. The divergence underscores the debate over whether Nvidia's growth is fully funded or dependent on fragile customer economics.

Governance and Geopolitical Overhang

Separately, Nvidia's board announced an independent investigation on November 8 following reporting that CEO Jensen Huang had been targeted by a foreign intelligence effort. The board expressed confidence in Huang and said it had no reason to believe national security or company secrets had been compromised. The investigation, overseen by independent directors and outside counsel, remains unresolved and introduces a governance uncertainty not reflected in Goldman's price target.

Export controls also linger as a risk. U.S. licensing requirements for H20 chip exports to China previously led Nvidia to record a $4.5 billion charge in fiscal Q1 2026, illustrating how policy can directly hit inventory and profits. Meanwhile, Nvidia is expanding supply-chain commitments, including a $1.1 billion capacity-reservation advance for KYEC (TWSE:2449)'s new U.S. testing facilities and agreements spanning substrates, packaging, and optical components across the U.S., Japan, South Korea, Taiwan, and Singapore.

The Bottom Line

Goldman's $300 target hinges on its $16.70 EPS estimate for calendar 2027 materializing, and on financing, deployment, and governance risks remaining manageable. The November 17 earnings report will be the first real-time check on that thesis. As one analyst put it, the stock may face near-term challenges until investors gain greater visibility on power availability and customer returns.

Correction: An earlier version misstated the implied upside percentage. It is approximately 61%, not 60%.