Wall Street’s Expectation That NVIDIA Would Earn $200 Billion In Revenue In 2025 Assumes “Overly Aggressive ASPs”

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A hint of circumspection around NVIDIA appears to be creeping into the commentaries of the more discerning financial powerhouses that populate Wall Street. Consider the latest investment note from Jefferies, where the financial advisory firm adopts a markedly cautious tone vis-à-vis NVIDIA’s prospects for 2025.

A few weeks back, Morgan Stanley saw NVIDIA shipping up to 450,000 units of the Blackwell GPUs in the December-ending quarter, and between 700,000 and 800,000 units of Blackwell GPUs in Q1’25.

Fast-forward to this week, when Raymond James noted that it now saw NVIDIA shipping “around 100,000 Blackwell GPUs in 4Q, which is likely at the lower end of investor expectations.” The investment bank, however, was decidedly bullish on NVIDIA’s 2025 prospects:

“That said, we anticipate an acceleration in Blackwell ramps in 1H25, with strong demand extending through 2025.”

Today, it is the turn of analysts at Jefferies to expound on NVIDIA’s near-term prospects.

Jefferies Raises $NVDA PT to $185 from $150, Maintains Buy Rating

Analyst Comments: “We expect a similar story to the last several quarters with a beat and raise in the $2B range. While expectations continue to creep higher, we believe the stock continues to work as we are in…

— Wall St Engine (@wallstengine) November 15, 2024

To wit, Jefferies analyst Blayne Curtis begins by reiterating that he expects the high-flying maker of…