Stifel Reiterates Buy on NVIDIA, $212 PT

“With F2Q26 results AMC 8/27, we expect a beat/raise scenario with H20 shipments resumed in July, coupled with accelerating broad-based demand for GB300 infrastructure.

Our supply chain discussions continue to point to expectations for ramping GB300 orders into year-end even as sustained GB200 demand continues.

We expect the near-term investor debate to remain centered on: (1) hyperscaler demand and sustainability of infrastructure investment, particularly in lieu of recent concerns regarding an “AI bubble” and reports of an underwhelming GPT-5 launch, (2) potential incremental impacts related to China export restrictions and growing calls for self-reliance, and (3) potential margin pressure on early GB300 ramps.

We continue to believe that NVDA’s leadership positioning in AI infrastructure remains unchallenged, and we expect GB300 specifications (50% higher FP4 performance) to remain best-in-class as inference/reasoning complexity continues to increase.

We continue to view shares as attractively valued within the context of continued AI leadership positioning.”

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