Nvidia (NASDAQ: NVDA) shares on Monday received a major vote of confidence after Loop Capital Markets set a new Wall Street-high price target of $350, up from $250, ahead of the chipmaker’s upcoming third-quarter earnings on November 19. The target implies a potential upside of about 65% from Nvidia’s press-time price of $211, which would value the company at over $8.5 trillion. The bullish outlook reflects growing optimism around Nvidia’s next phase of growth, driven by surging demand for its Blackwell graphics processing units (GPUs). Loop Capital analyst Ananda Baruah expects Nvidia’s GPU shipments to double over the next 12 to 15 months, supported by rising average selling prices and new partnerships across the AI ecosystem. The firm projects shipments could reach 2.1 million units by early 2026. Baruah described Nvidia as the clear leader in the AI processor industry, powering data centers, cloud providers, and enterprise AI platforms. The analyst believes that even as production capacity increases, global demand for GPU chips will continue to exceed supply through 2026, underscoring Nvidia’s dominant position. Impact of Blackwell on Nvidia stock price The upbeat forecast also reflects confidence in Nvidia’s upcoming Blackwell chip cycle, which many on Wall Street view as the company’s next major growth catalyst. “We are entering the next ‘Golden Wave’ of Gen AI adoption and NVDA is at the front-end of another material leg of stronger-than-anticipated demand,” said Baruah. While Baruah acknowledged potential risks such as power limitations and emerging regulatory challenges, he sees the firm well positioned to maintain its market leadership. Adding to the momentum, Rosenblatt Securities also raised its price target to $240 from $215, noting that Nvidia has already accumulated more than $500 billion in Blackwell chip orders through 2026. The firm said Nvidia’s AI platform is rapidly expanding beyond hyperscale data centers into new markets and applications. The rising wave of optimism comes as the AI-driven chipmaker prepares to report its Q3 results on November 19, with investors watching closely to see whether the company can sustain its explosive growth amid an intensifying global AI investment cycle. Featured image via Shutterstock