Why JPMorgan Sees More Upside for NVIDIA (NVDA) Despite Supply Constraints

NVIDIA Corporation (NASDAQ:NVDA) is one of the AI Stocks Gaining Attention on Wall Street. On September 4, JPMorgan analyst Harlan Sur reiterated an Overweight rating on the stock with a $215.00 price target.

The rating affirmation follows the firm’s investor group meeting with Toshiya Hari, VP of IR and Strategic Finance at NVIDIA, particularly focusing on its Data Center business.

According to the firm, demand is continuously outpacing supply for Nvidia’s data center products. This had caused lead times to remain stretched but stable at “quarters, not months.” This is despite the sharp ramp of Blackwell Ultra chips in the fiscal second quarter.

“Below are the key takeaways from the meeting. • Demand continues to outweigh supply, keeping lead times stretched but stable; Rubin on track for C2H26 ramp. Even with Blackwell Ultra (BWU) ramping sharply in FQ2 (~50% of Blackwell mix), management noted that lead times have remained fairly consistent (measuring “in quarters, not months”), indicative of demand still outstripping supply more than two years into this AI spending cycle. Looking beyond CY25, NVDA reiterated expectations of growth in CY26 and confirmed that its upcoming Vera Rubin platform has not experienced any delays (despite recent noise to the contrary) and is on track for a C2H26 launch, with all 6 chips that make up the platform having already taped out at TSMC.”

NVIDIA Corporation (NASDAQ:NVDA) specializes in AI-driven solutions, offering platforms for data centers, self-driving cars, robotics, and cloud services.

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Disclosure: None.