What's next for Nvidia stock? Goldman Sachs points to major growth driver

Nvidia’s latest Computex appearance gave Wall Street another reason to stay bullish on the world’s most valuable chipmaker.

Chief Executive Jensen Huang used the Taipei stage to push Nvidia NASDAQ:NVDA deeper into personal computers, datacentres and full-scale machine-learning infrastructure.

Goldman Sachs analyst James Schneider was watching closely.

After the keynote, he reiterated a Buy rating and a $285 price target, saying the stock still has a “positive catalyst path ahead” into 2027 and beyond.

Nvidia stock slipped 0.69% on Tuesday, though the stock remains up about 18% year to date, reflecting continued investor confidence in the company’s AI-driven growth story.

From AI chips to your PC: Nvidia’s boldest bet yet

The most eye-catching part of Nvidia’s Computex update was its move into the premium PC chip market.

Nvidia unveiled RTX Spark, a platform aimed at bringing more powerful local computing to laptops and desktops.

For everyday users, that matters because more advanced tools could run directly on a machine rather than depending entirely on the cloud.

For investors, it matters because it gives Nvidia a chance to expand beyond the data centre cycle that has driven most of its recent growth.

Schneider said Nvidia’s push with Microsoft could help accelerate adoption of Windows on ARM, a market that has struggled to gain real traction despite years of industry effort.

Nvidia has long been best known for graphics processors and data centre accelerators.

A serious PC push puts it closer to Intel, AMD, Qualcomm and Apple in a market where premium devices still command strong margins.

Hyperscalers are spending big

The bigger driver is still cloud spending.

Hyperscalers, the large cloud operators such as Amazon, Google and Microsoft are pouring money into datacentres, networking gear and accelerated computing systems.

That spending is central to Goldman’s Nvidia thesis.

Schneider’s key point is that greater visibility into 2027 capital expenditure plans could be the next major catalyst for the stock.

Nvidia’s Vera Rubin platform is also central to that argument. Huang said Vera Rubin is ramping into full production, with systems built around NVL72 racks, Vera CPUs and a broader “AI factory” stack.

In simple terms, Nvidia is not just selling individual chips. It is selling more of the full system that cloud providers need to train and run advanced models at scale.

That full-stack position is what Goldman sees as Nvidia’s moat.

Schneider highlighted the company’s data centre performance and cost leadership as a key advantage against rivals.

For large customers, the cheapest chip is not always the best option as power use, speed, networking, software and deployment time all affect the economics.

Nvidia stock: What the numbers say

Goldman’s $285 target is bullish, but it is not the highest number on the Street.

The broader analyst consensus sits near $310, with a Strong Buy rating based on 38 Buy calls, one Hold and one Sell.

Goldman’s estimates are also well above consensus, with earlier reports showing its 2027 forecasts running 34% ahead of Wall Street expectations.

That gap is important as it suggests Goldman sees more earnings power in Nvidia’s next product cycle than the market has fully priced in.

None of this removes the risk of a pullback, as Nvidia’s valuation still depends on very high growth continuing.

But Goldman is not alone in seeing further upside. The next few months may show whether the rally is running out of steam or whether Nvidia’s next leg is only beginning.