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State-run <keyword id="49007" type="General" weightage="100" keywordseo="uco-bank" source="Orion">UCO Bank</keyword> on Friday said its net profit for the second quarter of the current fiscal dipped by 20.39% to Rs 402 crore as compared to Rs 505 crore in the year-ago period. The operating profit of the lender during the quarter under review also decreased by 17.47% year-on-year to Rs 982 crore. Net interest income of the bank increased by 8.30% to Rs 1,917 crore during the second quarter as against Rs 1,770 crore in the corresponding period last year, it said in a regulatory filing. The bank's global business grew to Rs 4,17,145 crore at the end of the September quarter as against Rs 3,77,305 crore in the same period previous fiscal. The Kolkaka-headquartered bank said its global deposits stood at Rs 2,49, 411 crore at the end of the quarter, while global advances touched Rs 1,67,734 crore in the same period. Under domestic advances, exposure to retail, agriculture and MSME stood at Rs 90,046 crore at the end of the July-September quarter, representing 63.15% of total domestic loans. The total provisioning of the lender, during the second quarter, stood at Rs 580 crore, lower than Rs 685 crore in the year-ago period. Domestic net interest margin (NIM) of the bank stood at 3.05% at the end of the second quarter, as compared to 2.97% in the previous similar period.

UCO Bank net profit dips over 20% to Rs 402 crore in Q2

The market capitalisation of the <keyword id="6653" type="General" weightage="100" keywordseo="icici-bank" source="Orion">ICICI Bank</keyword> touched Rs 6 lakh crore mark in the afternoon trade due to which shares of the bank hit record high of Rs 865.55. The stock has surpassed its previous high of Rs 859.70, which had hit on October 25, 2021. At 2.48 p.m., shares of the bank were trading at Rs 860.25, up 11.50 or 1.35 per cent from its previous close. In the last one month, the stock of private lender has gained more than 12 per cent. Before ICICI Bank hitting Rs 6 lakh crore market-cap mark, <keyword id="6355199" type="General" weightage="50" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword>, <keyword id="6357585" type="General" weightage="50" keywordseo="tata-consultancy-services" source="Orion">Tata Consultancy Services</keyword>, <keyword id="6357149" type="General" weightage="50" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword>, <keyword id="6354512" type="General" weightage="50" keywordseo="infosys" source="Orion">Infosys</keyword> and <keyword id="6365619" type="General" weightage="50" keywordseo="hindustan-unilever" source="Orion">Hindustan Unilever</keyword> have also hit this mark. In the first quarter of the current financial year, the private lender had reported a 49.5 per cent on-year rise in its net profit to Rs 6,905 crore on the back of healthy loan growth. The bank's net interest income rose 20.1 per cent on-year to Rs 13,210 crore. Net interest margin (<keyword id="173910" type="General" weightage="50" keywordseo="nim" source="Orion">NIM</keyword>) was 4.01 per cent during the quarter under review, higher than 3.89 per cent the same time a year ago but largely flat from 4 per cent a quarter ago. Overall margin increased by 14 basis points on-year and 11 basis points on-quarter. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/jio-airtel-could-emerge-stronger-weaking-vodafone-idea-further-say-analysts/articleshow/93499353.cms">Jio, Airtel could emerge stronger weakening Vodafone Idea further, say analysts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/foreign-investors-pour-over-rs-12000-cr-in-indian-equity-in-last-10-days/articleshow/93499046.cms">Foreign investors pour over Rs 12,000 cr in Indian equity in last 10 days</a>

ICICI Bank market-cap hits ₹6 lakh crore as its stock rises to a record high

There has been news of the use of a new method to lend rate calculation, but apparently, this is going to squeeze banks' <keyword id="6548026" type="ORGANIZATION" weightage="100" keywordseo="net-interest-margin">net interest margin</keyword> (<keyword id="173910" type="ORGANIZATION" weightage="100" keywordseo="NIM">NIM</keyword>), depress interest income and hit their profits. This is expected to happen especially to banks with a high concentration of corporate loans. 
 
Analysts said that NIMs of banks could fall by as much as 10 to 30 basis points as they get adjusted to a new interest rate regime with public sector banks. They would be bearing the impact of the squeeze because they depend so much on corporate loans. The basis point in question is 0.01 percentage points. 
 Banks will be using marginal cost of funds to price lending rates. <keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword> Governor <keyword id="6358908" type="PERSON" weightage="100" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> said that the central bank would be releasing final guidelines within weeks so that the transmission of RBI’s policy actions since January can be quick. 
 
The banks that have larger floating rate pools are supposed to be affected more by this change; Axis Bank, Yes Bank, ICICI Bank, SBI, Bank of Baroda and PNB are amongst the banks expected to be impacted. The impact will be more severe in the coming six months as banks with a big 
floating rate corporate book would be adjusting with the new system. 
 
"However some private sector banks like Kotak Mahindra, IndusInd and HDFC Bank which have a high concentration of fixed rate retail loans will be least impacted," Rajiv Mehta, analyst at India Infoline, told ET. 
 
To calculate interest rates, the so-called marginal costs of the funding method will be using incremental cost of funds. To state simply, banks will now have to use the changed deposit rates as a benchmark while calculating lending rates. Earlier, base rates were arrived at by calculating the weighted average cost of deposits. 
 
Since January, the benchmark repo rate has been reduced by 125 basis points by RBI. A report by Crisil on Tuesday stated 10 major banks have seen a drop in the average lending rate by only 58 basis points. 
 
By adjusting their lending rates to lower the deposit rates, banks are likely to lose about 15,000 crore in interest income, as per Daljeet Singh Kohli, director and head research at India Nivesh Securities. "Small public sector banks like Dena Bank, Corporation and Indian Overseas will be hit more because they will have to reduce their base rate in line with the cost of new deposits," Kohli told ET. 
 
<a href="http://anilnotes.com/wp-content/uploads//2011/04/5f5615d6be6a251e94c97f723c5afefb.jpg">Image source</a>

New lending rate norm expected to hit SBI, Axis, PNB & likes

Indian banks are expected to have steady growth in earnings and returns over the next 3–4 years, according to a recent report by Jefferies. It expects a 13% compound annual growth rate (CAGR) in loan growth for banks between FY24 and FY27, helmed by a supportive environment and expected adjustments in interest rates. "We expect steady growth in earnings and stable returns, Over FY24-27, the banks we cover should see 13% CAGRin loans We factor 25-50 bps cut in rates, &amp; depending on timing, NIMs will move," the report said. Depending on the timing, these rate cuts could impact banks' <keyword id="20076541" type="General" weightage="20" keywordseo="net-interest-margins" source="keywords">net interest margins</keyword> (NIMs), which measure the difference between interest income generated and interest paid to depositors. The report also notes that banks' net interest income (NII), a critical metric that is reflective of how much a bank earns from its lending, could grow at a steady 12% CAGR, which would support overall earnings growth. <h2>Rate cuts probable next year</h2>Per SBI Mutual Fund's monthly outlook for November 2024, while markets were initially speculating possible rate reductions in December this year or February next year these chances now stand dampened due to two reasons. First, elevated CPI numbers in September, which stood at a nine-month high, underlined the stickiness of food inflation. Secondly, RBI governor Das recently highlighted his hawkish stance at a conference, stating that "rate cuts at this stage would be premature and risky’. The report further adds that February 2025, or even April, would be a better time to discuss repo rate cuts in India. Even <keyword id="19985925" type="General" weightage="20" keywordseo="bank-credit-growth" source="keywords">bank credit growth</keyword> has continued to outpace deposit growth for two years now. However, they seem to be inching closer in the recent past. For instance, in October 2024, while bank credit growth remained at 12.7%, the deposit growth rate followed closely at 11.8%. This also means that banks are witnessing an elevated bank credit-to-deposit ratio, standing at 77% in October. <h2>Risks in unsecured lending </h2>However, Jefferies noted some areas of caution that could influence growth in other revenue streams, particularly fees. Growth in fees may be at risk due to expected declines in the disbursal of unsecured loans, which generally carry higher interest rates and generate higher fees for banks. October saw stress and defaults rising in the unsecured lending space, prompting the RBI to intervene. As a result, unsecured loans by banks have only grown by 12.1%, the lowest since the pandemic. Despite these risks, the report expects banks' return on assets (ROA) and return on equity (ROE) to remain healthy, underscoring the sector's stable profitability potential. The report also highlights that while the Nifty Banks index has risen by 19% over the past year, it has still underperformed the broader Nifty index, which delivered 27% returns in the same period. BSE Bankex has been along similar lines, generating returns worth 19% over one year. While the Nifty banks' index has a YTD (yield to date) of 7.63%, it continues to trail Nifty's YTD of 11.30%

Indian banks to have steady growth in earning over next 3-4 years, fees from unsecured lending may dip, notes Jefferies report

<ul class="summary-list"><li>Bank of America analysts raised their price target for Nvidia stock to $190 a share this week.</li><li>They see the AI market growing to $400 billion, giving Nvidia a "generational opportunity."</li></ul>Nvidia stock has been on a tear all year, but investors can brace for even more gains ahead, Bank of America analysts say.In a Thursday note, the analysts raised their price objective on the stock from $165 to $190. That implies a 38% upside from its price of about $138 a share at midday on Friday. The analysts point to exponential growth in the AI market in the coming years, which they say will give Nvidia a "generational opportunity" as the chip titan continues to strengthen its lead in the market.The analysts see the AI accelerator market growing to $280 billion by 2027, and toward upwards of $400 billion over time — marking huge growth from $45 billion in 2023.As AI models continue to grow rapidly—with developers like OpenAI, Google, and Meta launching new large language models several times per year—the need for computing will only grow, the analysts predict. Each new major LLM generation, especially those developed for larger size and better reasoning capabilities, will require greater training intensity, they add."We continue to see the pace of new model development increase. LLMs in particular are being developed for both larger size and better reasoning capabilities, which both require greater training intensity," the analysts said.They also point to Nvidia's strong partnerships with enterprise customers like Accenture, ServiceNow, Oracle, and others, which show the growing presence of AI at big companies and Nvidia's role as partner of choice."NVDA's engagements span multiple verticals (e.g., Accenture, ServiceNow, Microsoft), and offerings such as AI Foundry, AI Hubs, NIMs are key levers to its AI leadership, not only on the hardware side but also on systems/ecosystems side," the analysts said.The analysts also said Nvidia's financials are set up well for future gains. Given its free cash flow generation at 45%-50% margins, which is nearly double that of other Magnificent 7 stocks, Nvidia will be able to generate $200 billion in free cash flow over the next two years, they wrote.Nvidia's stock has skyrocketed this year, up 187% as AI continues to boom after a <a target="_blank" class="" href="https://www.businessinsider.com/big-tech-investors-wary-high-ai-spending-markets-selloff-nasdaq-2024-7">brief sell-off</a> over the summer. The sector has since recovered, with chip stocks like Nvidia and TSMC trading at or near all-time highs in recent weeks.

Nvidia stock has another 38% upside amid a 'generational opportunity' in AI, Bank of America says

New Delhi: As the earnings season for the second quarter of FY25 unfolds, <keyword id="19959986" type="General" weightage="20" keywordseo="public-sector-banks" source="keywords">public sector banks</keyword> (PSBs) are expected to see a slight dip in profits compared to the previous quarter, according to a report by <keyword id="19896146" type="General" weightage="100" keywordseo="Motilal-Oswal" source="keywords" meta.keywordsubtype="org" meta.entityname="Motilal Oswal" meta.hostid="153" meta.entityid="Motilal Oswal">Motilal Oswal</keyword>. The report estimates that PSBs' Profit After Tax (PAT) will decline by 0.6 per cent quarter-on-quarter (QoQ), while showing a stronger year-on-year (YoY) growth of 17.2 per cent. "We estimate PSBs to report moderate <keyword id="19899597" type="General" weightage="20" keywordseo="earnings-growth" source="keywords">earnings growth</keyword> of 17.2 pc YoY/ a decline of 0.6 pc QoQ in 2QFY25," the report stated. The slower pace of growth can be attributed to flat net interest margins (NIMs) and a slight increase in loan loss provisions (LLP). The <keyword id="20171160" type="General" weightage="20" keywordseo="Net-Interest-Income" source="keywords">Net Interest Income</keyword> (NII) for PSBs is expected to grow by around 6 per cent YoY, although interest margins are likely to remain under pressure. Despite these near-term challenges, the report suggests that public sector banks are on track to post a compound annual growth rate (CAGR) of 15 per cent between FY24 and FY26, pointing to sustained long-term growth. In the private sector banking space, the report forecasts mixed results for the same quarter. For private banks under the coverage, Pre-Provision Operating Profit (PPoP) is expected to grow by 12 per cent YoY and 1 per cent QoQ. However, PAT growth is predicted to be more modest, increasing by 5 per cent YoY and 0.6 per cent QoQ. "For our private bank coverage universe, we estimate a PPoP growth of 12 pc YoY/1 pc QoQ and a PAT growth of 5 pc YoY/0.6 pc QoQ in 2QFY25," the report added. Looking ahead, private sector banks are expected to experience steady profitability growth, with earnings projected to grow at a CAGR of 12.4 per cent over FY24-FY26. Overall, while both public and private sector banks may face moderate growth in the second quarter due to margin pressures and higher provisions, their long-term earnings prospects remain positive. (ANI)

Profit of public sector banks expected to decline by 0.6 percent QoQ : Motilala Oswal

The one-hour <keyword id="23618998" type="General" weightage="100" keywordseo="Muhurat-trading" source="keywords">muhurat trading</keyword> session, which marks <keyword id="20963892" type="General" weightage="20" keywordseo="Diwali-2024" source="keywords">Diwali 2024</keyword> and the onset of Hindu Samvat 2081 on both NSE and BSE, is set to commence at 6 pm today and will conclude at 7 pm. Generally, investors and traders make symbolic stock buys during this hour-long session, since it is believed that purchases made during this time herald wealth and prosperity for one’s investments for the year to come. If you are looking for <keyword id="19910146" type="General" weightage="20" keywordseo="stock-recommendations" source="keywords">stock recommendations</keyword> to add to your portfolio, here are a few value picks by SAMCO and Kotak Securities you can consider: <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword> Ltd Holding period: 1 year Last Traded Price: Rs 1,734.30 Per the firm, “The bank has maintained a robust 10-year profit CAGR of 21.74%, operating with a NIM (net interest margin) of 3.5% and a low net NPA (non-performing assets) of 0.3%. Advances and deposits have shown steady growth. Currently, the stock trades below its 10-year average price-to-book value and at a price-to-earnings ratio of 19, offering a favorable risk-reward profile with a substantial downside buffer”. <keyword id="22086440" type="General" weightage="20" keywordseo="Vindhya-Telelinks" source="keywords" meta.keywordsubtype="org" meta.entityname="Vindhya Telelinks" meta.hostid="261" meta.entityid="Vindhya Telelinks">Vindhya Telelinks</keyword> Ltd Holding Period: 1 year Last Traded Price: Rs 1,992.55 SAMCO notes that this key cable manufacturing, which is a joint venture between Universal Cables Limited and Madhya Pradesh State Industrial Development Corporation, has shown robust growth over the last 5 years, nearly doubling revenues with a 14.3% CAGR. The company holds significant investments in Birla Cable Ltd, Birla Corporation Ltd, and Universal Cable Ltd, totaling Rs 3,618 crore—surpassing its market capitalization of Rs 2,545 crore. This solid investment base underscores Vindhya Telelinks’ strong fundamentals and financial potential. <keyword id="23763358" type="General" weightage="20" keywordseo="Ramco-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Ramco Industries" meta.hostid="261" meta.entityid="Ramco Industries">Ramco Industries</keyword> Ltd Holding Period: 1 year Last Traded Price: Rs 244.89 SAMCO observes that over the past decade, sales grew at a 7% CAGR, while the share price rose at a 14% CAGR. Known for its financial stability, Ramco Industries boasts a low debt-equity ratio of 0.07 and has consistently paid dividends since FY17, currently yielding 0.31%. The stock’s attractive price-to-book multiple of 0.5 offers a solid margin of safety, highlighting its investment appeal. <keyword id="22786675" type="General" weightage="20" keywordseo="Gravita-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Gravita India" meta.hostid="261" meta.entityid="Gravita India">Gravita India</keyword> Holding Period: 12 months Last Traded Price: Rs 2,119 Kotak explains that Gravita India is the market leader in India’s emerging recycling industry with a focus on lead recycling. Gravita India is increasing its recycling capacity by a massive 72% to 500 ktpa by FY27E. “We expect the company’s earnings per share to grow by 31.8% in FY25E &amp; 31.6% in FY26E. We also expect an upside of 15% or more on this stock over the next 12 months”, adds Kotak’s note. <keyword id="23763359" type="General" weightage="20" keywordseo="S-H-Kelkar" source="keywords" meta.keywordsubtype="org" meta.entityname="S H Kelkar" meta.hostid="261" meta.entityid="S H Kelkar">S H Kelkar</keyword> and Company (SHKL) Holding Period: 12 months Last Traded Price: Rs 289.90 The company is a flavors &amp; fragrances (F&amp;F) supplier and has started to make inroads into the global market. SHK is well-placed to drive double-digit revenue growth. The company is a small but emerging contender in the vast F&amp;F market, with potential for margin expansion—higher-margin geographies &amp; operating leverage—allowing for over 15% return upside in the next 12 months. Kotak Securities further notes that FY25 will likely see more broad-based growth across sectors. However, the OMCs (oil marketing companies) may likely drag down overall profits. Most sectors and stocks are quite overvalued, with the degree of overvaluation ranging from: (1) low for most large-cap consumers, IT services, and pharmaceuticals (2) medium in the investment space (3) high in the case of several low-quality companies. "As the broader market valuations are rich, opportunities arising from market correction can be used to add quality stocks (with attractive valuations) from a long-term investment perspective," explains the research firm's note. SAMCO further advises adding a little glitter to your portfolio using GoldBees and SilverBees ETFs since there are recessionary fears in the US and geopolitical tensions across the world. Even central bankers like RBI have been adding gold to their vaults like never before. At present, markets are looking to secure their return on capital rather than seeking a return on capital. "Thus all of these make a strong case to add gold and silver to the portfolio. They will give stability to your portfolio this Samvat," adds SAMCO's note.

Muhurat trading 2024: 5 stock picks you can consider this time around

<ul class="summary-list"><li>Nvidia acquired OctoAI, marking its fifth deal this year.</li><li>OctoAI, founded in 2019, enhances machine learning model performance.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/nvidia-competition-sambanova-groq-cerebras-show-faster-inference-speed-2024-9">Nvidia</a> has acquired OctoAI in its fifth deal this year, making it the <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-mergers-and-acquisition-startup-buying-spree-ftc-investigation-2024-8">chip giant's most acquisitive year yet</a>. The five-year-old startup creates software to improve the performance of machine learning models."I couldn't be more excited to join NVIDIA and contribute to expanding efforts in ML compilers and cloud infrastructure for AI," OctoAI CEO Luis Ceze posted on LinkedIn Wednesday.OctoAI was <a target="_blank" class="" href="https://www.businessinsider.com/octoml-madrona-venture-group-seattle-turi-2019-10">founded by Luis Ceze</a>, Jared Roesch, Tianqi Chen, Jason Knight, and Thierry Moreau in 2019, with Ceze as CEO.Ceze has assumed the role of VP of AI systems software at Nvidia. He also remains a professor at the University of Washington, where the startup originated.Machine learning compilers are software that act as translators between the model and the hardware it runs on — like Nvidia's graphics processing units. OctoAI's software was intended to make it easier for developers to use any AI hardware, not just hardware designed by Nvidia. OctoAI worked with Nvidia prior to the acquisition, along with AMD and AWS.Nvidia has <a target="_blank" class="" href="https://www.businessinsider.com/amazon-nvidia-cloud-ai-anthropic-2023-10">designed compilers too</a>, and Ceze has praised Nvidia's leadership in making machine learning more accessible."Nvidia has been betting on AI for a long time. They have a level of software maturity that no other provider can match," Ceze told Business Insider last year. "With custom silicon for AI, there's a strong need for a mature and easy-to-use system software stack," he continued.In March, OctoAI and Nvidia announced a partnership to optimize Nvidia's NIM offering, or <a target="_blank" class="" href="https://octo.ai/blog/octoai-collaborates-with-nvidia-nim-to-bring-optimized-generative-ai-to-enterprises/">Nvidia Inference Microservices</a>, which aims to allow companies to create their own custom AI.OctoAI will <a target="_blank" class="" href="https://www.linkedin.com/posts/matbonet_really-sad-to-hear-that-octoai-winds-down-activity-7244736313986359296-2Q7e?utm_source=share&amp;utm_medium=member_desktop">shut down</a> its commercial cloud service on October 31.Nvidia continues to receive <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-mergers-and-acquisition-startup-buying-spree-ftc-investigation-2024-8">scrutiny from regulators</a> around its acquisitions out of concern that they may make AI hardware and, increasingly AI software industries less competitive."One of the hardest judgment calls as an investor and board member is to assess the benefits and risks of selling a company at a key inflection point in the journey. Nvidia made a compelling case that the impact for the OctoAI team and technology would be maximized within the market leader for AI infrastructure," Matt McIlwain, OctoAI investor and managing director of Madrona Venture Group <a target="_blank" class="" href="https://www.linkedin.com/feed/update/urn:li:activity:7244934163785510912/">posted to LinkedIn.</a>The Seattle-based startup raised $130 million in funding, according to Pitchbook — most recently an $85 million Series C round led by Tiger Global Management. OctoAI's most recent valuation was $900 million in 2021, according to The Information. The publication also reported that OctoAI brought in revenue in the low single-digit millions last year.Ceze did not immediately respond to a request for comment. Nvidia declined to comment on the acquisition or confirm if the entire OctoAI team would join the company.Several OctoAI employees had already updated their LinkedIn profiles to reflect Nvidia job titles as of Thursday morning.Got a tip or an insight to share? Contact Senior Reporter Emma Cosgrove at <a target="_blank" href="mailto:ecosgrove@businessinsider.com">ecosgrove@businessinsider.com</a> or use the secure messaging app Signal: 443-333-9088

Nvidia continues acquisition streak with OctoAI

<ul class="summary-list"><li>Wall Street's bullishness for Nvidia stock endures even as shares trade at record highs. </li><li>Analysts are upbeat about the next-gen Blackwell chip and Nvidia's web of enterprise partnerships.</li></ul>Nvidia stock is trading at record highs, but that's not deterring top Wall Street analysts from being bullish. Bank analysts have been hiking their price targets for the chip titan in recent weeks, predicting more upside even as the stock has seen a <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-stock-price-blackwell-ai-market-value-costco-jensen-huang-2024-10">meteoric rise</a> over the past year.Shares traded above $142 each on Monday, hitting a fresh record as investors gear up for the company's next earnings report on November 20. The stock is up 193% year-to-date. But Nvidia still has plenty of room to climb, according to forecasters. They point to signs of frenzied demand for the company's AI-enabling GPU chips and a long list of partnerships with enterprise "hyperscalers." Here's what some of Wall Street's top forecasters are saying about their bullish outlook for the stock. <h3 id="724900f4-99db-4302-98bd-dea4cac3d847">Bank of America, $190 price target</h3>BofA strategists <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-upside-growth-ai-chips-demand-bofa-2024-10#:~:text=Bank%20of%20America%20analysts%20raised,helped%20by%20its%20enterprise%20partnerships.">raised their price target</a> for the chipmaker to $190 from $165 per share last week, implying another 35% upside from the stock's current levels.The upside will be driven by Nvidia's competitive advantage over other chipmakers, as well as the "generational opportunity" in the AI market, which is expected to grow to $400 billion, analysts said in a note."Driven by our increased NVDA Data Center Compute outlook, we now see the AI accelerator market growing to $280bn by CY27E (and over time toward $400bn+) from just ~$45bn in CY23. AI models (demand) continue to evolve," the bank added.Strategists pointed to positive signs for Nvidia's future chip demand, including commentary from <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-impact-q1-earnings-season-ai-nvda-stock-price-capex-2024-5">other tech firms</a> and comments from CEO Jensen Huang, who described the demand for Nvidia's upcoming Blackwell chip as "<a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-jensen-huang-blackwell-gpu-demand-ai-tech-2024-10">insane</a>."Nvidia, meanwhile, also has a number of "underappreciated" business partnerships with firms like <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/acn-stock">Accenture</a> and <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-stock-price-reaction-microsoft-partnership-for-minecraft-graphics-overhaul-2019-8">Microsoft</a>, which should contribute to the upside potential. "We also highlight a growing presence of AI in enterprise, where NVDA is the partner of choice," the bank said. "NVDA's engagements span multiple verticals (e.g., Accenture, ServiceNow, Microsoft), and offerings such as AI Foundry, AI Hubs, NIMs are key levers to its AI leadership, not only on the hardware side but also on systems/ecosystems side."<h3 id="6a528da2-bcac-4a58-87fb-9d0b14415a80">Goldman Sachs, $150 price target</h3>Goldman analysts raised their price target to $150 from $135 a share, implying 6% upside from the stock's current levels.Strategists said they changed their price target after a meeting with Huang. The Nvidia CEO spoke of the company's advantage over other chipmakers, and the bank said that Nvidia's "competitive moat" is built on the firm's installed base, its innovation, and its "robust and growing" software offerings. "Although we acknowledge that the company's revenue trajectory beyond CY2025 remains uncertain, we expect the stock to perform at least consistent with estimate revisions given relative valuation multiples that remain depressed relative to history ... and the potential for a re-acceleration in fundamentals driven by the upcoming Blackwell product cycle," strategists wrote.Blackwell could also help produce several billion dollars in revenue for Nvidia, the strategists estimated."By integrating seven chips, and each playing a role in delivering higher performance at the data center level, we view the introduction and ramp of Blackwell not only as a near- and medium-term revenue growth driver, but also a dynamic that extends Nvidia's competitive advantage. The ramp of Blackwell-based products remains on track with several billion dollars in revenue expected in the January quarter followed by further growth in April and beyond."<h3 id="7231a134-d8fb-40e0-8065-37b2205636b4">CFRA Research, $160 price target</h3>The research firm CFRA raised its price target to $160 from $139 per share, implying a 13% upside from current levels. According to Angelo Zino, a senior equity analyst at CFRA, that's due to increased confidence that Nvidia will post better-than-expected growth, particularly as customers scramble to get their hands on the new Blackwell chip."The higher multiple and target reflect our higher conviction that NVDA will post results that exceed our/consensus views in CY 25, as Blackwell ramps. As we previously cited, Blackwell will take greater wallet share from hyperscalers (e.g., greater GPU, CPU, networking, and software revenue) amid an AI war in the cloud," Zino wrote.<h3 id="1efd5f91-dce2-45d4-bfa2-1ada5f7366f2">Bernstein, $155 price target</h3>Bernstein raised its price target to $155 a share shortly after the chipmaker reported its second-quarter earnings in August. Similar to other firms' forecasts, Bernstein's upside prediction is based on the success of the Blackwell GPU. "People are getting excited about the story again, especially as we approach earnings, and then year-end into next year is their new platform, Blackwell, really starts to ramp. Look, by all indications, their own commentary, all the supply checks and everything else, demand for this product just looks off the charts," Rasgon said in an interview with <a target="_blank" class="" href="https://www.youtube.com/watch?v=SM8AcE18AN0">CNBC</a> in early October. "This cycle, if the checks are any indication, must potentially be massive," he added.

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