Nvidia (NVDA) Stock: Wells Fargo and Bank of America Bullish Ahead of GTC

TLDR

• Wells Fargo is bullish on NVDA ahead of GTC 2026, citing historically strong post-event performance (3-month outperformance vs the SOX index of up to 45%).
• Bank of America reiterated its Buy rating and $300 price target, noting NVDA trades near a historical low of ~17x forward PE after the Blackwell ramp generated an estimated $500 billion in cumulative sales.
• Nvidia is expected to unveil a second-generation co-packaged optic switch and provide updates on its Feynman GPU line and Kyber NVL576 racks.
• Agentic AI is driving a CPU renaissance — Nvidia’s Vera CPU is in production and deployed in Meta data centers, with a full rollout planned for 2027.
• A “quiet supply crisis” is building in the CPU market, with AMD and Intel warning of lead times up to six months and prices rising more than 10%.

Nvidia heads into GTC with Wall Street attention

Nvidia (NVDA) is heading into its annual GTC conference (March 16–19, San Jose) with analysts from Wells Fargo and Bank of America expressing bullish views. Wells Fargo, led by Aaron Rakers, said they are “NVDA buyers ahead of the event,” pointing to a pattern of strong stock performance in the three months following past GTC conferences. Historically, NVDA has outperformed the SOX semiconductor index by roughly 30% on average, with a range of +12% to +45%.

Bank of America analyst Vivek Arya reiterated a Buy rating and a $300 price target. Arya noted NVDA is trading around 17x forward earnings — near a historical low — even after the Blackwell product ramp, which the article cites as having generated an estimated $500 billion in cumulative sales.

CEO Jensen Huang will deliver the keynote at 2 p.m. ET on Monday and will moderate an industry panel on Wednesday. Main-stage participants include OpenAI, Google DeepMind, Meta, Microsoft, and Tesla.

Product expectations at GTC: optics, GPUs, racks

Nvidia is widely expected to reveal its second-generation co-packaged optic switch using Taiwan Semiconductor’s co-packaged optic technology. Volume production is not expected to ramp until 2027, with an anticipated run-rate of around 80,000 units.

The company may also provide updates on the Feynman GPU line and the Kyber NVL576 rack system. Wells Fargo expects Nvidia to update its pipeline outlook, potentially raising its cumulative revenue target from $500 billion to above $600 billion through 2026. Rakers also highlighted whether Nvidia will revise its estimate of $3–$4 trillion per year in global AI infrastructure spending by 2030.

CPUs move to center stage — Agentic AI drives demand

Beyond GPUs, a quieter shift is underway as agentic AI (task-oriented AI that orchestrates workflows across multiple agents) increases demand for central processing units. Bank of America projects the CPU market could more than double, from $27 billion in 2025 to $60 billion by 2030.

Nvidia’s Vera CPU is reported to be in production and already deployed in Meta data centers, with a full rollout planned for 2027. Thousands of standalone Nvidia CPUs are also running at the Texas Advanced Computing Center and Los Alamos National Lab. At GTC, Nvidia is expected to show a CPU-only rack on the showroom floor — a signal of how seriously the company is treating standalone CPU deployments.

Supply crunch tightens the CPU market

The broader CPU market is under strain. AMD and Intel have warned customers of supply shortages, with delivery lead times stretching up to six months and prices rising more than 10%, according to Reuters. AMD’s head of data center Forrest Norrod said demand increases over the past six to nine months have been “unprecedented.” Intel expects inventory to hit its lowest level this quarter but forecasts supply improvement through Q2 2026.

Nvidia says it has not seen meaningful CPU shipment delays so far; the company attributes this to its supply chain and the fact most Nvidia CPUs ship alongside GPUs in full rack-scale systems. Mercury Research estimates Nvidia held a 6.2% share of the server CPU market in Q4 2025, behind Intel at 60% and AMD at 24.3%.

Other stocks that could move on GTC announcements include AMD, Taiwan Semiconductor, Broadcom (AVGO), Intel, and Marvell (MRVL).

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