• Mizuho said Nvidia’s upcoming earnings report is the next big catalyst for AI stocks.

• Demand for Nvidia’s GPU chips stays strong despite potential delays of its Blackwell chip, based on the bank.

• Mizuho raised Nvidia’s price goal to $132, representing potential upside of 26% from Thursday’s close.

Nvidia stock is down nearly 20% over the past month, but there’s big upside ahead for investors and its upcoming earnings report could be a serious catalyst for AI stocks, based on Mizuho.

The bank said said in a note this week that investors should ignore the noise related to potential delays of Nvidia’s next-generation Blackwell chip, arguing that it stays to be seeing relentless demand for its GPU chips.

Nvidia’s capability for its current generation H100 and H200 chips stays “tight”, Mizuho said, and any delays for Blackwell won’t impact demand but will simply delay revenue for the company by about two to a number of months.

“Demand stays unchanged,” Mizuho managing director Vijay Rakesh said. “NVDA continues to guide the charge.”

The bank increased its Nvidia price goal to $132 from $127.50, representing potential upside of 26% from Thursday’s close.

Perhaps most vital is Nvidia’s ability to lift prices on its next-generation chips, which should boost the common selling price of its AI-enabled GPUs, Rakesh said.

For Nvidia’s Blackwell NVL72 GPU rack, the associated fee may thoroughly be upwards of $3 million, while its GB200 superchips could cost somewhere between $50,000 and $70,000 each, based on Mizuho.

That could be a large jump from Nvidia’s H100 chips, which cost around $40,000, and its H100/B100 GPU rack, which costs around $300,000 to $400,000, based on the bank.

Those big price increases should proceed to be a tailwind for Nvidia into 2025 and beyond, with Mizuho raising its earnings estimates for Nvidia in 2026 and 2027 when the company releases its next-generation Rubin-based GPU chips.

By 2027, Mizuho expects Nvidia to generate nearly $200 billion in revenue, greater than triple the $61 billion it generated in 2024.

“We proceed to see NVDA since the winner throughout the AI GPU space, with AMD being the 2nd player,” Rakesh said. “We would note NVDA reports earnings on August twenty eighth, which we see as the next major catalyst for AI-related names.”

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