Nvidia Q1 Revenue Hits Record $81.6 Billion; Bank of America Raises Price Target to $350 Despite Stock Decline

GateNews
NVDA-1.16%
BAC0.33%
According to Bank of America, Nvidia delivered record Q1 revenue of $81.6 billion yesterday, up 85% year-over-year and beating analyst expectations of $79.1 billion by 3.1%. Despite the beat, the stock declined. Bank of America reiterated its buy rating and raised its price target from $320 to $350, implying 56.6% upside. The bank estimates the AI market will reach over $3 trillion by 2030, with Nvidia holding roughly 78% of the AI accelerator market. Customer purchase commitments totaled $145 billion this quarter, up from $95 billion in Q4.
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