NVIDIA Corp (NASDAQ:NVDA, ETR:NVD) batted off concerns in results that demand could dip as customers await the release of its new Blackwell graphic processing unit, analysts say.
Having laid out an expectation-beating 262% jump in revenue to $26 billion for the first quarter on Wednesday, UBS and Wedbush said key fears had been addressed.
Wedbush noted demand for NVIDIA’s H100 chip was still outstripping supply as H200 output ramps up.
“With [...] Blackwell coming to market more quickly than previously expected, there does not appear to be any room for an air pocket in demand [or] shipments,” analysts said.
Fears had been driven by reports earlier this week that Amazon Web Services cut orders from NVIDIA in anticipation of the latest Blackwell chip, expected this year.
UBS analysts argued a so-called ‘air pocket’ in demand could not exist given NVIDIA’s previous chip Hopper remained sold out.
“At the end of the day, our customer and supply chain work supports very strong 2025 demand,” UBS said.
UBS reiterated a ‘buy’ rating for NVIDIA, hiking its share price target from US$1,150 to US$1,200.
An ‘overweight’ rating was offered by Wedbush in the meantime, which also set a US$1,200 share price target.
NVIDIA climbed 10% to US$1,043 following the update, taking its valuation to an all-time high.