By TradingView
Publication Date: 2026-01-30 19:35:00
Nvidia NVDA shares slipped about 1% in morning U.S. trading on Friday, even after Wolfe Research raised its price target, as broader tech sentiment stayed cautious.
Wolfe increased its target price on Nvidia to $275 from $250, pointing to rising demand for rack-scale systems, higher average selling prices, and margins that remain well above historical levels, according to the note.
The firm said Nvidia generates most of its rack revenue from completed boards sold to large cloud customers, following manufacturing and packaging by Taiwan Semiconductor Manufacturing and final assembly by Foxconn.
Supply-chain checks suggest those boards make up roughly three-quarters of the final rack price. Wolfe cited pricing of about $3 million for GB200 NVL72 racks and roughly $4.3 million for GB300 NVL72 systems, with next-generation Rubin racks seen higher.
Wolfe estimates Blackwell rack shipments reached around 1,000 units per week by late 2025 and expects a similar pace through 2026. Rubin systems are forecast to ramp in the second half of 2026.
The firm projects Nvidia data center revenue could exceed $450 billion in 2027, supported by unit growth and firmer pricing, while gross margins are seen holding near current levels, according to the research note.
