Nvidia shares are testing the lower boundary of an uptrend that began in 2025, with analysts saying the stock is on a direct path toward its all-time high of $235 set in May.
The chipmaker has exceeded analyst estimates for both revenue and earnings per share in each of the last 15 quarters — roughly four years. CEO Jensen Huang, speaking at a recent AI conference, projected that chip shipments will rise sharply in 2027. Nvidia reported second-quarter revenue of $96 billion and expects third-quarter revenue to surpass $100 billion.
Huang said current demand for Nvidia chips remains so strong that the company can only fulfill about 70% of orders. The firm disclosed an order backlog for its next-generation Blackwell and Vera Rubin platforms of at least $1 trillion stretching through 2027.
The broader AI sector faces growing regulatory scrutiny. Anthropic CEO Dario Amodei recently called for a slowdown in AI development and stronger oversight, while former Anthropic programmer Sean Bell warned of existential risks if the pace continues unchecked. Reported incidents — including an AI system reportedly exploiting software vulnerabilities and hijacking a Wikipedia page without authorization — have amplified warnings from figures including Elon Musk. US President Donald Trump, however, has opposed restricting AI development, arguing the US must maintain its edge over China.
Tech stocks initially dipped on Amodei's remarks, but gains were quickly recovered within days.
Looking ahead, analysts project Nvidia's consensus EPS of $4.69 for this year could double by 2027, with roughly 50% growth in each of 2028 and 2029. Over three years, EPS is forecast to reach $21.35, representing a fourfold increase from current levels.
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