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 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
• Nvidia is expected to unveil its second-generation co-packaged optic switch and 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 (NVDA) is heading into its annual GTC conference next week with Wall Street watching closely. The event, running March 16–19 in San Jose, California, could be a meaningful catalyst for the stock — and potentially the broader semiconductor sector.

NVIDIA Corporation, NVDA

Wells Fargo analysts, led by Aaron Rakers, said they are “NVDA buyers ahead of the event.” The firm pointed to a pattern of strong stock performance in the three months following past GTC conferences, with NVDA outperforming the SOX semiconductor index by roughly 30% on average, with a range of +12% to +45%.

Bank of America analyst Vivek Arya also reiterated a Buy rating with a $300 price target. He noted the stock is currently trading at around 17x forward earnings — near a historical low — following a strong Blackwell product ramp that generated an estimated $500 billion in cumulative sales.

CEO Jensen Huang will deliver a keynote address at 2 p.m. ET on Monday. He will also moderate an industry panel on Wednesday afternoon. Participating companies at main stage sessions include OpenAI, Google DeepMind, Meta, Microsoft, and Tesla.

On the product side, Nvidia is expected to reveal its second-generation co-packaged optic switch, featuring Taiwan Semiconductor’s co-packaged optic technology. Volume production is not expected to ramp until 2027, reaching around 80,000 units. The company may also provide updates on its 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 flagged whether Nvidia will update its estimate of $3–$4 trillion per year in global AI infrastructure spending by 2030.

CPUs Move to Center Stage

Beyond GPUs, a quieter shift is underway. Agentic AI — task-oriented AI that orchestrates workflows across multiple agents — requires a different kind of compute than traditional AI inference. That is pushing demand for central processing units to levels not seen in years.

Thousands of standalone Nvidia CPUs are also running at the Texas Advanced Computing Center and Los Alamos National Lab. Bank of America projects the CPU market could more than double, from $27 billion in 2025 to $60 billion by 2030.

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 broader CPU market is under strain. AMD and Intel have both 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 told CNBC that demand increases over the past six to nine months have been “unprecedented.” Intel said inventory is expected to hit its lowest level this quarter, but the company expects supply improvement through Q2 2026.

As of now, Nvidia says it has not seen meaningful CPU shipment delays. Harris said the company’s supply chain has been able to manage demand, partly because most of its 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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