Mizuho Reiterates Outperform on NVIDIA, $205 PT

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.”

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