Nvidia’s GTC Paris conference reveals multiple new growth drivers: analysts

Nvidia’s (NASDAQ:NVDA) GTC Paris conference for developers, researchers and business leaders this week unfurled several new growth opportunities for the prolific producer of artificial intelligence processors, according to analysts.

Shares of Nvidia ticked up 1.5% during morning market action on Thursday. Its stock has tacked on 19% over the past month.

Morgan Stanley reiterated its Overweight rating and “Top Pick” status on Nvidia following developments from the conference. It has a $170 price target on the stock.

“With Nvidia announcing today plans that will require ‘more than 3,000 exaflops of NVIDIA Blackwell compute’; that includes an 18k GB200 phase one deployment with Mistral in France that will expand to multiple locations next year, a 14k Blackwell development in the UK with Nebius and Nscale, along with others from partners like Domyn and with telcos Swisscom, Telefónica, Telenor, Fastweb and Orange,” said Morgan Stanley analysts, led by Jospeh Moore, in an investor note. “Nvidia specifically will be building, ‘the world’s first industrial AI cloud for European manufacturers’ featuring 10k Blackwell GPUs, and AI technology centers in Germany, Sweden, Italy, Spain, the U.K. and Finland focused on development and R&D.”

Evercore ISI reiterated its Outperform rating and $190 price target, while maintaining Nvidia as a “top semi core holding.”

“NVDA highlighted AI infrastructure projects from 5 European Telcos, 19 CSPs and 16 Supercomputing centers all for local compute consumption and using NVDA hardware,” said Evercore analysts Mark Lipacis and Natalia Winkler, in an investor note. “NVDA expects EU government to support buildout of 20 AI factories, with a handful of them being gigafactories. Overall, NVDA expects 20 gigafactories ($40-50bn per gigawatt) over the coming years – all incremental to US CSPs.”