TLDR
- Jefferies analyst Blayne Curtis raised NVIDIA’s price target from $205 to $220 on September 27, maintaining a “Buy” rating.
- NVIDIA announced a partnership with OpenAI to deploy 10GW of systems, with plans to invest up to $100 billion progressively as each gigawatt is deployed.
- The first gigawatt of NVIDIA systems is expected to deploy in the second half of 2026 on the NVIDIA Vera Rubin platform.
- NVIDIA’s market cap surpassed $4.5 trillion on September 30, making it the first company to reach this milestone, with shares climbing almost 3% to a record.
- CoreWeave reached a deal to supply Meta with $14.2 billion in AI infrastructure services, with NVIDIA holding a large shareholder position in CoreWeave.
NVIDIA Corporation shares reached a new record on September 30, climbing nearly 3% and pushing the chipmaker’s market cap past $4.5 trillion. The company became the first to hit this valuation milestone.
The stock has gained approximately 39% year-to-date. Investors continue backing NVIDIA as the company accelerates deal-making activities in the artificial intelligence sector.
On September 27, Jefferies analyst Blayne Curtis raised his price target on NVIDIA from $205 to $220. He maintained a “Buy” rating on the stock.
The analyst’s move followed NVIDIA’s announcement of a partnership with OpenAI. The deal involves deploying 10GW of NVIDIA systems.
Curtis pointed out that management confirmed this partnership represents incremental demand. The new arrangement does not overlap with OpenAI’s existing plans with Oracle or Microsoft.
NVIDIA stated it plans to invest up to $100 billion in OpenAI. The investment will roll out progressively as each gigawatt gets deployed.
OpenAI Partnership Details
The first gigawatt of NVIDIA systems is scheduled for deployment in the second half of 2026. These systems will run on the NVIDIA Vera Rubin platform.
OpenAI announced five massive new data centers with Oracle. The facilities are expected to house hundreds of thousands of GPUs.
The entire “Stargate” project carries a $500 billion price tag. OpenAI said last week that NVIDIA would take an equity stake worth up to $100 billion in the AI startup.
NVIDIA CEO Jensen Huang says the company’s products make up about 70% of spending on new AI data centers. This positions NVIDIA at the center of the artificial intelligence infrastructure boom.
Analyst Response and Market Activity
Citi analysts raised their price target on NVIDIA from $200 to $210 on September 30. The increase came after reviewing forecasts for AI infrastructure spending following the OpenAI announcements.
Citi analyst Atif Malik wrote that OpenAI approached NVIDIA for help because the chipmaker has a compelling product. He noted that both the number of users and compute consumed per user are growing.
CoreWeave, a cloud provider with NVIDIA as a large shareholder, announced a deal on September 30. The company will supply Meta with $14.2 billion in AI infrastructure services.
Meta and Google are both ramping up their infrastructure spending. OpenAI is not alone in making large-scale investments in AI capabilities.
NVIDIA’s stock is outperforming most megacap peers this year. Only chipmaker Broadcom has performed better, up about 40%, also boosted by OpenAI-related business.
Chautauqua Capital Management noted in its Q2 2025 investor letter that NVIDIA’s first quarter results were extremely solid. The company took a write-down on China-specific datacenter products and removed future China contributions from guidance following new export restrictions introduced in April.
Demand commentary excluding China was encouraging. NVIDIA is outgrowing expectations despite supply constraints and outgrowing competing ASIC products by a large margin.
NVIDIA also collaborated with Intel Corporation to develop multiple generations of custom data center and PC products. These products accelerate applications and workloads throughout hyperscale, enterprise, and consumer markets.
The company’s shares closed at a record high on September 30, reflecting investor confidence in NVIDIA’s position in the AI infrastructure market. The stock reached nearly 3% gains during trading that day.
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