Goldman Sachs Increases Nvidia’s PT to $210
Goldman Sachs analyst James Schneider raised on October 6, 2025, the price target on NVidia to $210 (from $200), while maintaining a ‘Buy’ rating on the stock.
“Nvidia has announced strategic investments and partnerships with OpenAI and others.
These announcements have sparked investor debate around the nature of the deals and the extent to which Nvidia’s equity investments could be recycled by investees as GPU spending, recognized by Nvidia as “circular” revenue.
The sustainability of OpenAI’s infrastructure spending will increasingly depend on equity & debt financing.
Given OpenAI’s public comments on planned infrastructure investments (self-built datacenters with Nvidia GPUs, Stargate funding, Oracle contracts), we believe it will increasingly need to rely on equity/debt raises – with up to ~$75bn in 2026 alone.
Thus far, these projects (such as Oracle’s $18bn debt raise to support OpenAI) appear to be gaining strong market traction.
We view potential “circular revenue” from strategic investments as potentially dilutive to NVDA’s multiple.
As with any strategic investment in a customer which is not self-financing, we believe investors will focus on the fundamentals of that customer.
When equity investment comes from a supplier, we believe additional scrutiny is warranted given the “circular” nature of the revenue because of the investor’s dual role as investor and supplier.”
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