Wells Fargo lifts Nvidia target to $315 on $1T AI data-center capex outlook

Wells Fargo reiterated a bullish stance on Nvidia, raising its price target to $315 (from $265) and keeping an Overweight rating. The update implies roughly 44% upside versus Nvidia’s recent trading range around $219–$226. The bank’s valuation framework uses a 21x earnings multiple applied to estimated 2028 EPS of $14.85. Its central thesis is that AI infrastructure spending could exceed $1 trillion by 2027, supported by continuing data-center capacity buildouts by major cloud operators (including Microsoft, Google, and Amazon). Wells Fargo also projects AI compute capacity growth from 9.2 gigawatts (fiscal 2026) to 25.2 gigawatts (fiscal 2029). On Nvidia’s product roadmap, it highlights an expected upgrade cycle driven by the Blackwell GPU platform and points to the Vera architecture as a longer-term strategy to sustain technological leadership. For traders, this reinforces the “AI infrastructure boom” narrative ahead of Nvidia’s next earnings catalyst. If the market agrees, it can boost risk appetite across tech and AI-exposed themes; if guidance disappoints, the rerating could unwind quickly. The key risk is whether real-world data-center capex keeps pace with the assumptions behind the $315 target—making any subsequent earnings updates high-sensitivity for sentiment.