William Blair Keeps ‘Outperform’ Rating on Nvidia
William Blair analyst Sebastien Naji reiterated on September 19, 2025, an ‘Outperform’ rating on Nvidia, with a $205 price target.
“What You Need to Know
On Thursday, Nvidia announced a historic collaboration with Intel (INTC $30.57) that will integrate Intel’s CPU into Nvidia’s NVL72 racks using NVLink.
Furthermore, Nvidia will provide GPU chiplets that will be integrated with Intel’s CPUs in order to address a broader swath of the PC market.
As part of this partnership, Nvidia is investing $5 billion to buy roughly 215 million shares of Intel (4% ownership).
We see the partnership as a win for both companies, with Intel gaining a new customer in the data center market and funding to further its foundry goals (18A and 14A).
Meanwhile, Nvidia makes inroads into the large x86 ecosystem while also expanding its potential footprint in the integrated GPU PC market (70%-80% of the total PC market).
The partnership increases Nvidia’s TAM (by roughly $50 billion according to CEO Jensen Huang) and intensifies pressure on rival Advanced Micro Devices (AMD $157.92).
We remain constructive on shares as Nvidia maintains its competitive edge and continues to benefit from robust momentum for AI infrastructure.
Stock Thoughts
Shares of Nvidia trade at a price-to-earnings multiple of 28 times consensus estimates for calendar 2026.
We see room for Nvidia to maintain robust growth, underpinned by continued hyperscaler spending as well as accelerating momentum from neocloud, sovereign, and even enterprise customers.
With the Intel partnership providing incremental revenue opportunities in an already robust demand environment for NVL72 racks, we continue to see a favorable risk/reward equation for shares.”
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