STOCKS | Nvidia Tells JPMorgan Supply Limits Could Double Its Business

JPMorgan said Nvidia's main constraint is supply, not demand, and that the company told the bank its business could double if capacity limits were removed. According to Sina Finance, JPMorgan analyst Harlan Sur kept an Overweight rating on Nvidia and left his price target at $320 after meeting with the company's investor relations team. Nvidia management expects revenue in fiscal 2028 to grow about 70% year over year, while Sur said actual growth potential may be stronger based on current customer demand. Nvidia's AI chip demand comes from hyperscale cloud providers, neoclouds, AI labs, sovereign AI projects, and enterprise customers. Sur also said AI inference now accounts for a larger share of Nvidia's data center business than it did about 18 months ago, when training and inference were roughly split evenly. He added that Nvidia's GPUs can be used for both training and inference, making it difficult to separate revenue by workload. According to Sina Finance, Nvidia management said sales depend heavily on how much hardware it can deliver to customers, and that if supply constraints were fully removed, the business could more than double year over year. TipRanks data showed all 30 analysts covering Nvidia rate it Buy, for a Strong Buy consensus, with an average price target of $329.32.