Needham analyst N. Quinn Bolton reiterated a Buy rating on Nvidia Corp (NASDAQ:NVDA) and a $240 price forecast.

Bolton said Nvidia's latest announcements at GTC reinforce its strong growth outlook, driven by sustained demand and expanding capabilities across AI infrastructure.

Strong Demand Supports $1T Revenue Target

Bolton highlighted that Nvidia's visibility and demand pipeline support its target of generating more than $1 trillion in revenue by 2027, primarily from its Blackwell and Rubin platforms. The analyst noted that this forecast excludes contributions from products such as Rubin Ultra, standalone CPUs, and Groq-related systems, which could provide additional upside. He also pointed to continued growth from both cloud providers and enterprise customers, with non-cloud segments expected to expand faster as AI adoption broadens.

Groq Strategy Expands Inference Capabilities

Bolton said Nvidia is extending its reach in the inference market through its Groq strategy, positioning the company to serve customers better by running large AI workloads. Nvidia plans to sell Groq chips alongside its Rubin systems, with shipments expected to begin shortly after Rubin production ramps this year. The analyst added that this segment, while niche, offers high growth potential and value, supported by improved performance and efficiency from newer systems.

Roadmap, Software And Ecosystem Drive Expansion

Bolton emphasized that Nvidia continues to evolve its product roadmap, including upcoming platforms like Rubin Ultra and future GPU and CPU combinations. He noted that next-generation systems will rely on a mix of connectivity technologies to support scaling needs. Beyond hardware, Nvidia introduced new software such as Dynamo, designed to improve performance and efficiency in AI operations, along with tools like NemoClaw and broader ecosystem initiatives to support open model development. The analyst also pointed to expanding partnerships in areas like autonomous vehicles and robotics, highlighting Nvidia's efforts to build a broader AI platform spanning multiple industries.

NVDA Price Action: Nvidia shares were up 0.33% at $182.53 at the time of publication on Wednesday, according to Benzinga Pro data.

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