Overview
- Wolfe Research named Nvidia its top AI idea for 2026 and said Blackwell is fully ramping with Rubin on track for a second‑half 2026 launch that targets roughly five times Blackwell’s inference performance.
- Jefferies lifted its Nvidia price target and J.P. Morgan and Wells Fargo reiterated Buy ratings, signaling expectations for continued growth across GPUs, networking and software tied to accelerating AI deployments.
- Barclays upgraded Dell to Overweight and Goldman Sachs initiated at Buy as Dell targets about $9.4 billion of AI server shipments in Q4 and roughly $25 billion for the year, with operating margins holding in the mid‑single digits despite lower gross margins on AI racks.
- KeyBanc upgraded AMD to Overweight, citing hyperscaler demand that has largely sold out its 2026 server CPU supply and forecasting $14–$15 billion in AI revenue supported by MI355 in the first half and a MI455 Helios ramp in the second half.
- Wolfe flagged U.S. 25% tariff and export approval steps as a headwind to Nvidia’s H200 shipments to China—previously estimated by Nvidia at $2–$5 billion per quarter if approved—placing added emphasis on February guidance for Blackwell throughput, rack‑scale NVL72 mix and margins.