Against the backdrop of the decline in the US stock market on Thursday, Nvidia (NVDA) stock price soared to a record high of more than 1,000 US dollars per share, rising more than 9% in a single day. The net asset value of the company's CEO Huang Renxun reached 91.3 billion US dollars, ranking 17th in the world's richest list, as the company once again announced a surprising profit report.

The revenue and profit announced by Nvidia both exceeded analysts' expectations, and provided second-quarter earnings guidance that far exceeded Wall Street's expectations. In addition to this, the company also announced a stock split plan of 1 split of 10 and increased its quarterly dividend by 150% to $0.10 per share.

Wall Street analysts were so impressed by this amazing financial report that they immediately raised Nvidia's target price one after another. Below are comments from major investment banks on the report.

Goldman Sachs: “New Products Drive Continued Growth in Data Center Revenue”

Goldman Sachs analysts pointed out that the company's revenue growth accelerated year over year, with data center business revenue growing 427%.

Goldman Sachs said, “Most importantly, we believe investors' concerns about a possible decline in data center revenue in the second half of FY2024 will subside after yesterday's conference call, given the launch of a range of new products between now and the end of the year, and management comments pointing to continued growth in demand for H100 and possible supply constraints for H200 and Blackwell products.”

The bank rated Nvidia stock as a “buy” and raised its target price from $1,100 to $1,200.

J.P. Morgan: “Demand still exceeds supply in 2025”

Analysts at J.P. Morgan Chase said they were impressed that more and more industries are participating in the demand for the Nvidia H100. Not only are cloud computing companies like Meta and Amazon buying their chips, but sovereign states and car companies are also driving demand for their products.

J.P. Morgan said, “More importantly, the company team notes that demand will continue to exceed supply and may ease concerns about inventory increases/adjustments in the second half of next year. The team is constructive about the continued increase in demand in FY2025, thanks to the transition to accelerated computing, the surge in generating AI applications, vertical industry penetration, and the construction of autonomous AI.

J.P. Morgan rated Nvidia stock as “overrated” and raised its price target from $850 to $1,150.

Bank of America: “Earnings per share are expected to exceed $50 within two years”

Bank of America analysts said Nvidia's earnings report for the first quarter indicates that the company will smoothly transition to the next generation of Blackwell chips, which will bring huge revenue growth.

The Bank of America said that Nvidia has a “system design that can maintain more than 80% of the market share in the AI accelerator market. Its market share may increase year-on-year to about 100 billion US dollars in fiscal year 2024, double to 200 billion US dollars by fiscal year 2027, and reach more than 300 billion US dollars by fiscal year 2030.”

“Demand continues to exceed supply, and this is likely to continue for at least most of 2025,” the bank said.

The bank's analysts also said that although Nvidia's stock price is at an all-time high, its earnings per share may exceed $50 in the next two years, which means that a reasonable valuation of the stock is about 20 times the price-earnings ratio.

Bank of America rated Nvidia stock as a “buy” and raised its target price from $1,100 to $1,320.

Wade Bush: “The AI revolution has just begun”

An analyst at Wedbush (Wedbush) said the “AI gold rush” has only just begun as the “wave” of AI chip spending sweeps through the tech industry.

Wade Bush said, “As the Fourth Industrial Revolution progresses smoothly, more and more businesses and consumers are rapidly embarking on this path. Nvidia's GPU chips are essentially the new gold or oil in the field of technology. The AI revolution started at Nvidia, and we thought the party had just begun and the popcorn was ready.”

Wade Bush rated Nvidia stock as “outperforming the market,” with a target price of $1,000.