Mizuho Maintains Outperform on NVIDIA, $205 Price Target

Mizuho analyst Vijay Rakesh reiterated on September 24, 2025, an ‘Outperform’ rating and $205 price target on Nvidia.

“NVDA announced a $100B equity investment into OpenAI to fund up to ~10GW of AI data center capacity, starting with the Vera Rubin NVL racks we expect to launch in ~2H26E.

We believe:

1. cementing NVDA GPU/networking (NVLink) LLM/AI TRAINING dominance while securing demand outlook for 2026/27E with its largest customer,
2. potential for first deployments to being in 2H26E with VR200 NVL144 shipments,
3. OpenAI to potentially receive initial $10B from NVDA in next few months after official agreement is reached with remaining $90B disbursed as OpenAI ramps new capacity, and
4. NVDA had previously noted it costs ~$50B per GW of AI DC capacity, with ~$35B dedicated to NVDA infrastructure.

We reiterate NVDA at Outperform, with no change to ests/PT of $205 as we see this OpenAI deal as NVDA maintaining its key leadership position in the merchant GPU market as its largest customer continues to expand.”

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.