Nvidia (NVDA) has spent most of the AI boom dealing with “good” problems, chief among them that its most important chips remain very hard to get.
According to TheFly, Wedbush analyst Matt Bryson just revisited Nvidia stock after finding that demand for the company’s Grace Blackwell systems remains unusually strong, with customers saying GB300 and B300 products are becoming tougher to source this late in the AI accelerator cycle.
Supply tightness at this juncture points to something critical, mainly that demand is running hotter than Wall Street is modelling.
Bryson feels both forces are at play.
The 4.99-star Wedbush analyst, covering 17 stocks with a 78.82% success rate, according to TipRanks, said he doesn’t recall availability issues this late in an Nvidia accelerator cycle since Ampere and Hopper.
For perspective, those powerful chips helped build Nvidia’s current AI empire.
Now, Blackwell appears to be creating its own supply squeeze, and Wedbush feels Nvidia is better positioned than the rest of the tech ecosystem.
Chung Sung-Jun / Getty Images
Wedbush sees Nvidia demand staying unusually strong
Wedbush analyst Matt Bryson remains bullish on Nvidia, pointing to unusually tight availability for the company’s Grace Blackwell systems, including the GB300 and B300.
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The 5-star analyst reiterated an Outperform rating on Nvidia and kept a $330 price target.
The core rationale is that typically, supply starts loosening as a product cycle matures. However, Wedbush feels that isn’t happening.
“We do not recall availability issues this late in an NVDA accelerator cycle since Ampere/Hopper,” Bryson wrote, adding that the situation suggests “demand is lifting at a more rapid pace than previously expected.”
The core issue is not just demand. It is memory.
Supply constraints around DRAM and high-bandwidth memory remain a critical bottleneck across the AI chip market. But Bryson says Nvidia remains “the best situated of the entire technology ecosystem in terms of current supply chain positioning”.
Nvidia appears to have locked up memory supply earlier and more aggressively than rivals.
Bryson argues that other chipmakers, cloud companies, and equipment makers likely face at least the same supply-chain pressure, if not worse.
For investors, that means Nvidia remains in a familiar yet advantageous position where demand is still bigger than supply.
Nvidia earnings keep crushing Wall Street estimates
- FQ1 2027 (Apr 2026): EPS of $1.87, beating estimates by $0.10; revenue of $81.62 billion, beating estimates by $2.50 billion, with YoY growth of 85.23%.
- FQ4 2026 (Jan 2026): EPS of $1.62, beating estimates by $0.08; revenue of $68.13 billion, beating estimates by $1.90 billion, with YoY growth of 73.21%.
- FQ3 2026 (Oct 2025): EPS of $1.30, beating estimates by $0.04; revenue of $57.01 billion, beating estimates by $2.06 billion, with YoY growth of 62.49%.
- FQ2 2026 (Jul 2025): EPS of $1.05, beating estimates by $0.04; revenue of $46.74 billion, beating estimates by $687.48 million, with YoY growth of 55.60%.
Source: Seeking Alpha.
Nvidia stock stays strong despite recent selling
For perspective on stock performance, Nvidia has pulled back sharply in recent weeks, dropping 6.57% over the past week and 3.26% over the last month, lagging the broader market in both periods.
According to Seeking Alpha, despite that short-term sluggishness, shares remain up 12.55% over the past six months and 11.63% year to date, comfortably ahead of the S&P 500‘s gains of 7.89% and 7.90%, respectively.
Though near-term profit-taking was clearly on show, Nvidia’s stock still continues to outperform the broader market over longer time frames.
On top of that, in terms of pricing metrics, Nvidia stock looks somewhat reasonable.
The stock trades at 23.28 times forward non-GAAP earnings, nearly 8% below the sector median, while its forward GAAP P/E of 22.22 is more than 31% below the sector average according to Seeking Alpha.
However, sales-based metrics remain stretched, with Nvidia trading at 12.80 times forward sales and 12.90 times forward price-to-sales, both more than 260% above sector medians according to Seeking Alpha.
Hence, Wall Street’s pricing in robust margins and earnings power.
Wall Street remains bullish on Nvidia stock despite the pullback.
The average analyst consensus price target of $298.42 implies about 43% upside from current levels, while the high target reaches $500.
Wall Street price targets for Nvidia stock
- UBS set a $280 price target on Nvidia stock.
- Bank of America set a $350 price target on Nvidia stock.
- Goldman Sachs set a $285 price target on Nvidia stock.
- JPMorgan set a $280 price target on Nvidia stock.
- Cantor Fitzgerald set a $350 price target on Nvidia stock.
- Morgan Stanley set a $288 price target on Nvidia stock.
Source: MarketBeat.
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