Goldman Sachs interprets Jensen Huang's GTC speech: $500 billion revenue expectation, exceeding market expectations, with further upward adjustment potential

Author: Long Yue

Source: Hard AI

NVIDIA released extremely strong revenue signals at the latest GTC conference, triggering positive interpretations on Wall Street.

On October 28, NVIDIA CEO Jensen Huang revealed at the GTC conference that the company has "visibility" to achieve a cumulative $500 billion in data center business revenue during the period from 2025 to 2026. This revenue expectation will cover its Blackwell and next-generation Rubin architecture products.

Goldman Sachs' latest research report emphasizes that the $500 billion scale is significantly higher than previous market expectations. The bank's analysts pointed out that this target is 12% higher than the $447 billion consensus reflected by the Visible Alpha Consensus Data, and also 10% higher than Goldman Sachs' own forecast of $453 billion.

Goldman Sachs believes that this improvement in long-term revenue visibility is an "incremental positive factor" for NVIDIA's stock price and reiterated its "buy" rating.

The bank's analysts emphasized in the report that although their forecast for NVIDIA's fiscal year 2026 is already about 7% higher than the market consensus, based on the latest management comments, they believe their forecast numbers still have a "tendency for further upward adjustments."

Revenue Guidance Far Exceeds Expectations, Goldman Sachs Optimistic About Upside Potential

The $500 billion cumulative revenue target set by NVIDIA's management is the strongest market signal conveyed at this GTC conference. The report further analyzes that several key variables may drive NVIDIA's performance beyond current expectations.

These factors include: the specific timing of large clients like OpenAI deploying models, increasing contributions from non-traditional clients such as sovereign governments, and the exact timing of the highly anticipated launch of the Rubin platform. These could all become catalysts for Goldman Sachs and the broader market to continue adjusting their financial models upward.

Strategic Partnerships Flourishing, Expanding AI Ecosystem Landscape

In addition to the astonishing revenue guidance, NVIDIA also announced a series of strategic partnerships aimed at consolidating its leadership position in the AI ecosystem at the GTC conference.

According to the Goldman Sachs report, NVIDIA announced a $1 billion equity investment in Nokia, with a subscription price of $6.01 per share. This move aims to accelerate the development and deployment of next-generation AI-native mobile networks and related infrastructure. At the same time, NVIDIA also launched its ARC Aerial RAN computing platform.

In the field of high-performance computing, NVIDIA announced a collaboration with the U.S. Department of Energy to deploy seven new supercomputer systems at its Argonne National Laboratory and Los Alamos National Laboratory. Among them, the Solstice and Equinox systems will be equipped with 100,000 and 10,000 NVIDIA Blackwell GPUs, respectively. Los Alamos National Laboratory also confirmed the use of NVIDIA's Vera Rubin platform to build its next-generation systems.

Additionally, the company launched NVQLink, a high-speed interconnect technology for connecting quantum computers with traditional computing systems, and announced a partnership with Uber to expand Uber's Level 4 autonomous driving network using the Nvidia DRIVE AGX Hyperion 10 platform and DRIVE AV software This article is from the WeChat public account "Hard AI". For more cutting-edge AI news, please click here