Overview

• On October 6, KeyBanc reiterated Overweight on Nvidia with a $250 price target ahead of the company’s November 19 earnings report.
• The firm highlights robust near-term hyperscaler demand and a continued GB200/300 ramp as the primary catalysts.
• KeyBanc models a beat for the quarter, forecasting $56.3 billion in revenue and $1.28 EPS versus consensus at $54.5 billion and $1.24.
• Operational expectations include roughly 30,000 rack shipments in 2025 (about 10,500 in Q3 and 14,000 in Q4) and a CoWoS outlook of 370,000 interposers in demand against 530,000 in supply.
• KeyBanc expects resumed RTX6000D shipments to China to lift near-term results, while Jim Cramer publicly backed Jensen Huang on an OpenAI-related 10‑gigawatt deal, saying he believes Nvidia plans a staged $100 billion investment.