• Analysts from Wolfe Research, Bank of America, and Citi maintain bullish ratings, asserting China's AI chip restrictions will not impact Nvidia's near-term earnings.
  • Wolfe Research projects $300 billion in chip revenue and roughly $8 EPS by 2026, significantly above current consensus estimates.
  • Bank of America forecasts 70% annual earnings growth, citing insatiable global AI demand that easily offsets the lost China revenue.

Despite a fresh wave of U.S. and Chinese restrictions on AI chip exports, Wall Street remains overwhelmingly optimistic about Nvidia Corp.'s financial trajectory, with several major firms reiterating buy ratings and dismissing the geopolitical friction as largely irrelevant to the company's near-term performance.

Analysts at Wolfe Research, Bank of America, and Citi all published notes this week affirming their positive stance. The consensus view is that soaring demand for AI hardware from hyperscalers, cloud providers, and global enterprise customers outside of China will more than compensate for the lost market access. "The concerns around China are irrelevant for the near term," analysts at Bank of America stated, pointing to the company's robust 70% projected annual earnings growth.

Nvidia has proactively shifted its internal financial forecasts to completely exclude any sales of AI chips to China, according to people familiar with the matter. This recalibration means that all current revenue and earnings projections already bake in a zero-revenue scenario from its former Chinese clients. In recent remarks, CEO Jensen Huang emphasized that any future access to the Chinese market would be considered a "bonus," underscoring the company's confidence in its global growth levers.

Wolfe Research provided some of the most aggressive projections, estimating the company could achieve approximately $300 billion in chip revenue by 2026. This would drive earnings per share to around $8, a figure that stands 20% to 30% above the current Wall Street consensus. The firm's analysis suggests the total addressable market for AI accelerators remains vastly underappreciated by investors.

The company's upcoming earnings report on November 19th is widely anticipated to be another "beat and raise" event. Citi analysts reiterated their buy rating in a note to clients, writing they expect Nvidia to surpass current quarterly estimates and provide guidance that once again shocks the market to the upside. The persistent strength in data center spending, particularly for the company's latest Blackwell architecture GPUs, is seen as the primary catalyst.

While the stock experienced short-term volatility following the announcement of new trade restrictions, it has since recovered, reflecting investor agreement with the analyst community's assessment. The situation highlights a significant decoupling, where Nvidia's financial fate is now tied less to the world's second-largest economy and more to the global arms race for artificial intelligence capability. A spokesperson for Nvidia declined to comment beyond the company's recent public statements.

Correction: An earlier version of this article misstated the timing of Nvidia's earnings report. It is scheduled for November 19th.