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Goldman Sachs is not blinking. The bank reaffirmed its Buy rating on Nvidia and kept a $300 price target on the stock, even as a broad selloff swept through AI-linked names.
The reaffirmation, updated in late October or early November 2026, lands after a rough stretch for chip stocks.
What Goldman is standing behind
Nvidia shares fell approximately 9% on November 5, 2026. The drop came as part of an industry-wide selloff, not a company-specific blowup.
The worries driving that slide came in a few flavors. There were fears of potential regulatory hurdles. There were also concerns about elevated borrowing costs, which weighed on sentiment across the semiconductor industry.
Regulatory uncertainty and financial pressure on major cloud operators stretched fears of a slowdown in data-center buildouts past the midterm elections.
The $300 target itself is not new. The bank lifted it from $285 to $300 in August 2026, following what it viewed as strong fiscal Q2 2027 results from Nvidia.
The numbers behind the bull case
A big part of Goldman’s confidence rests on Nvidia’s own forecast. The company’s fiscal 2027 guidance included an anticipated 70% revenue growth figure.
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The data-center business carries most of that weight. It has become the cornerstone of Nvidia’s growth strategy.
Hyperscalers’ capital expenditures are expected to reach $800 billion for 2026, a figure that frames how much money is flowing into the infrastructure Nvidia supplies.
Goldman remains optimistic about Nvidia’s place in the AI market, with its bullish view tied to expanding market opportunities estimated to reach $3-4 trillion by 2030.
Goldman’s broader chip map
Nvidia is not the only chip name in Goldman’s sights. The bank’s targets across the semiconductor and AI ecosystem include $640 for AMD, $540 for Broadcom and $1,250 for Micron.
What this means for investors
The core tension here is between two timelines. In the short term, the market is pricing in regulatory risk, borrowing costs and the possibility of a pause in data-center spending. In the long term, Goldman is pricing in a multi-trillion-dollar opportunity.
For investors weighing what to do, the key variable is hyperscaler behavior. That $800 billion capex expectation for 2026 is the foundation of the whole structure.
Goldman has already moved this one once in 2026, from $285 to $300. What the reaffirmation does offer is a clear marker. Goldman has publicly tied its credibility to the idea that AI infrastructure demand will outlast the current wave of fear.
