By Chris Versace
Publication Date: 2026-05-21 20:24:00
We’ve already discussed why we remain bullish on Nvidia (NVDA), sharing our thoughts with the good folks at Bloomberg.
But let’s go one step further and raise our NVDA price target to $280 from $250, which is the lower end of where Wall Street is taking its NVDA price targets following Wednesday night’s quarterly results and guidance. So far, Wall Street price targets are being reset to $270 to $330, with perma-bull Wedbush clocking in at $330, from $240 to $300.
We’ll get into the reasons for price target increase in a few moments, but first, our shares of Marvell (MRVL) are up and faring better than NVDA shares on Thursday. That stems from word that Anthropic is in talks to use Microsoft’s (MSFT) AI chips. This builds on the positive commentary in recent weeks for AI chips with Marvell’s other key custom silicon customer, Amazon (AMZN). We’d also remind you that Portfolio resident Broadcom (AVGO) is also working with Microsoft on its AI chip endeavors.
Ahead of Marvell’s quarterly earnings report next week on May 27, we’ll boost our price target to $210 from $175 but issue the same note of caution heading into that report that we made for Nvidia’s quarterly results. That is one of very high expectations following the 150% move since early March compared to a move near 10% for the S&P 500. At the end of April, about 28.2 million MRVL shares were short per data from Nasdaq. We should get a mid-May update for that position in the next few days,…
