Loop Capital just handed Nvidia (NVDA) another record in ambition.
The popular Wall Street firm set a new Street-high $350 price target on the AI juggernaut, up from $250, which points to an eye-popping $8.5 trillion valuation.
The price target bump comes as Loop’s top analyst Ananda Baruah calls this moment the start of a “golden wave” in generative AI, a new surge in demand that’s spearheaded by Nvidia’s Blackwell and GB200 systems.
Though Wall Street has been bullish on Nvidia stock for months, this particular call stands out, not for hype, but for its conviction that the AI powerhouse’s illustrious next chapter is making the current one look a lot more modest.
Getty Images
Who is analyst Ananda Baruah?
According to TipRanks, Ananda Baruah is a five-star Wall Street analyst at Loop Capital, and currently ranks among the top 500 of more than 10,000 analysts tracked.
He holds a stellar 56% success rate, along with an average return of +14.1% across his stock calls.
Baruah’s recent Nvidia call stands out in particular, where he reiterated a buy rating with a Street-high $350 price target, backed by 13 prior ratings on the stock, and an impressive 100% success rate.
Nvidia stock gets new Wall Street-high price target
Baruah argues that Nvidia’s next chapter in its never-ending growth story won’t come from hype, but from hardware that’s deployable at scale.
In his opinion, the “golden wave” of AI adoption has only just started, powered by Blackwell and GB200 systems that can effectively turn powerful models into manageable workloads.
3 key drivers behind Baruah’s $350 Nvidia target:
- A fresh hardware cycle: Nvidia’s GB200 and NVL72 systems are in the process of moving from early deployments to full-scale rollouts, which should unlock a brand new leg of GPU demand over the next 12 to 15 months.
- Dual revenue engines: Unit shipments are likely to surge, and average selling prices (ASPs) will surge, a “two-engine” driver that could double sales quicker than what the consensus models predict at this point.
- AI adoption acceleration: Simplified rack-scale architectures will curb customer friction, while speeding up deployments across hyperscalers and enterprise AI.
The “golden wave” behind the upgrade
Baruah’s “next leg” thesis isn’t just about Nvidia just shipping chips; it’s about collapsing deployment time.
The GB200/NVL72 shows up rack-scale and ready, allowing customers to effectively move from delivery to training a lot quicker.
Related: Morgan Stanley issues shock take on the stock market
They’re built to effectively push trillion-parameter models with fewer network hiccups, fewer integration issues, and a more plug-and-play approach.
Baruah models a powerful 12- to 15-month shipment surge with both units backed by a healthy step-up in pricing.
More Nvidia:
- Nvidia makes a major push for quantum computing
- Nvidia’s next big thing could be flying cars
- Bank of America revamps Nvidia stock price after meeting with CFO
For perspective, Nvidia’s management says it has a whopping $500 billion of GPU bookings visibility through 2026, highlighting robust long-term demand.
Also, independent estimates place Nvidia’s AI-data-center share at around 80% to 85%, keeping the competition on its heels.
The $350 price target and what it implies
Loop Capital’s jaw-dropping $350 price target would peg Nvidia’s market at an eye-watering $8.5 trillion, equaling some of the biggest economies.
This is exactly where the debate gets louder.
The past year has seen Nvidia’s AI flywheel accelerate, while skeptics see gravity in capex cycles, competition, and valuation math.
Nvidia’s insane valuation stats
- Record highs: Nvidia crossed $3 trillion (June 2024), becoming the first to hit $4 trillion in July 2025 and then $5T on Oct. 29, 2025.
- Astronomical growth: Nvidia stock traded at $422.5 billion (Nov. 30, 2022), and has since skyrocketed 11.6 times (+1,065%).
- Current scale vs. economies: At around $5 trillion, NVDA is bigger than Japan’s GDP ($4.28 trillion) and roughly equal to Germany’s ($5.0 trillion).
Riding the AI spending wave
Hyperscalers and the sea of AI startups renting out compute power remain a key tailwind for Nvidia as it looks to become an even bigger behemoth.
Every quarter, we see budgets get a lot bigger because the workloads continue outpacing the hardware.
That basically means Nvidia’s order book isn’t just full, it’s future-proofed. For perspective, Citi now estimates that AI infrastructure spending will reach approximately $490 billion by 2026, jumping to an unbelievable $2.8 trillion by 2029.
AI hyperscaler spending numbers
The world’s biggest cloud players aren’t expected to tap the brakes on AI anytime soon.
- Amazon: FY25 capex around $125 billion, with $89.9 billion already booked through Q3, primarily linked to AI infrastructure.
- Alphabet (Google): Raised 2025 capex to $91–$93 billion, keeping abreast with AI-powered demand.
- Microsoft: Posted a record $34.9 billion in spending in Q1, stating that spending will continue to fuel growth in cloud and AI.
- Meta: Plans a whopping $70 billion to $72 billion in 2025 capex, and has already hinted that those numbers will rise again in 2026.
Related: Bank of America reconsiders Alphabet stock price target after earnings
