Wells Fargo just told investors that Nvidia still has a lot of room to run. The bank raised its price target on the chipmaker to $315 from $265, maintaining an Overweight rating that signals strong conviction in the stock.
That new target implies roughly 44% upside from Nvidia’s recent trading range around $219 to $226 per share.
The math behind $315
The $315 target is derived from a 21x multiple applied to the bank’s estimated 2028 earnings per share of $14.85 for Nvidia.
The trillion-dollar tailwind
The core of Wells Fargo’s bull case rests on a projection that AI infrastructure buildout will exceed $1 trillion by 2027. Every major cloud provider, from Microsoft to Google to Amazon, is racing to build out AI data center capacity.
Wells Fargo’s model projects AI compute capacity growing from 9.2 gigawatts in fiscal year 2026 to 25.2 gigawatts in fiscal year 2029.
Wells Fargo also pointed to Nvidia’s product roadmap as a key pillar of the thesis. The Blackwell platform, Nvidia’s next-generation GPU architecture, is expected to drive a significant upgrade cycle among data center customers. Beyond that, the Vera architecture represents Nvidia’s longer-term bet on maintaining its technological edge.
What this means for investors
Wells Fargo’s thesis is fundamentally a bet on AI infrastructure spending remaining elevated for years, not months. If the $1 trillion AI infrastructure projection proves accurate, Nvidia is positioned to capture a disproportionate share of that spending.
Wells Fargo’s capacity growth projections, from 9.2 GW to 25.2 GW over three fiscal years, suggest the bank sees no meaningful demand slowdown on the horizon. For investors weighing Nvidia at current levels, the question is whether the pace of spending can sustain the earnings trajectory baked into a $315 price target.
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