Bernstein Keeps Nvidia’s $275 Price Target
Bernstein SocGen Group analyst Stacy A. Rasgon reiterated on December 15, 2025, an ‘Outperform ‘rating and $275 price target on Nvidia.
“Takeaways from an investor meeting with IR: NVIDIA is still awaiting licenses to ship H200 products into China from the U.S. government (at this point all they have is Trump’s tweet/truth…).
From there they will assess their demand requests and then begin manufacturing.
The company does have some H200 related inventory, but not all components, and are still working with suppliers and manufacturers to get an idea of the production timeline as they prepare to serve this market.
They also have not yet received any codification or official paperwork around the 25% governmental revenue share (hence they are unsure on how this will be accounted at this point).
NVIDIA believes that they are ~2 years ahead of Google’s TPU program, though they acknowledge the strides that Google has made in their >10 year journey.
As the AI landscape continues to move rapidly (e.g. from CNN to transformer models to whatever comes next), they believe it will be difficult for Google to convince CSPs to deploy TPUs as they are optimized for specific model structures (we shall see, clearly there is some deployment i.e.
Anthropic at least).
But they believe NVIDIA’s programmable platform solutions remain the best hardware for cloud AI infrastructure.”
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