Nvidia: The China Obsession Has Gone Too Far (Rating Upgrade)

Nvidia Corporation delivered another stellar quarter, beating top and bottom-line estimates with strong growth across Data Center, Gaming, and Automotive segments. Concerns about China are overblown; NVDA management signals H20 shipments could resume in Q3, and other growth levers like sovereign AI remain robust. Valuation models project a 35% upside, driven by momentum, innovation, and diversified growth beyond just AI, supporting a new price target of $236.