Nvidia (NASDAQ: NVDA) has once again beat its expectations on quarterly earnings, and Wall Street is scrambling to update price projections for the stock. In what’s becoming a familiar ritual, the AI chip giant delivered a blockbuster performance, sending ripples through the market. The stock is down 3.35% so far today as investors parse the numbers and analysts sharpen their pencils, but here’s the breakdown of what Nvidia unveiled—and what the Street is saying about it today.

Nvidia’s 4th quarter was, in the words of CFO Colette Kress, “another record quarter.” Revenue hit $39.33 billion, smashing the $38.05 billion analysts expected and soaring 78% year-over-year from $22.1 billion.

Earnings per share clocked in at $0.89, topping the $0.84 consensus. The datacenter segment, Nvidia’s crown jewel, raked in $35.6 billion—up 93% from last year—fueled by an astonishing $11 billion in Blackwell sales. That’s right: Blackwell is now the “fastest product ramp in our company’s history,” per Kress, with production in full swing across multiple configurations.

Just look at the datacenter revenue growth per quarter the past 3 years:

Quarter	Revenue (In Billions)
Q4 2024	$35.58
Q3 2024	$30.771
Q2 2024	$26.272
Q1 2024	$22.563
Q4 2023	$10.404
Q3 2023	$14.514
Q2 2023	$10.323
Q1 2023	$4.284
Q4 2022	$3.616
Q3 2022	$3.833
Q2 2022	$3.806
Q1 2022	$3.750

Wall Street’s Take on NVIDIA

Wall Street analysts covering NVIDA posted bullish notes to investors this morning:

• Bernstein’s Tom O’Malley hiked his price target to $185 from $175, keeping an Outperform rating. “Very solid” results, he says, with datacenter revenue “rapidly accelerating” on Blackwell’s ramp. The Q1 guide was “fine”—above revenue expectations—and with ramp issues in the rearview, he’s raised estimates, calling the earnings call “relatively quiet” but confident.
• Bank of America upped its target to $200 from $190, sticking with Buy and naming Nvidia a top pick. The firm marveled at the $11 billion Blackwell haul—far above the $4–$7 billion whisper—proving the product’s on track despite headwinds like China restrictions. “Nvidia remains in a dominant position leading the AI market,” the analyst beamed, boosting sales forecasts.
• Citi held its Buy rating at $163, spotlighting Blackwell’s “on track” ramp and inference demand surging with reasoning models. Gross margin guidance disappointed, but Citi sees it climbing back late in 2025. Near-term overhangs like tariffs might cap the stock, but long-term faith endures.
• JPMorgan reaffirmed Overweight at $170, cheering Q1’s 9% revenue bump over consensus. “Blackwell shipments are expected to ramp higher,” they noted, praising Nvidia’s “aggressive cadence” of launches that’s “further distancing itself” from rivals.
• Morgan Stanley lifted its target to $162 from $152, keeping Overweight. Q4 beat their preview, and while export controls loom, “everything improves from here,” the analyst quipped, dubbing Nvidia a “Top Pick.”

Jensen Huang vision for reasoning AI and relentless innovation should have Wall Street salivating. NVIDIA could see another 50% jump this year alone, according to Bank of America. The numbers are in and everyone should be talking again just how much demand there is waiting for NVIDA to fill.