Goldman Sachs Reiterates Buy on Nvidia After Berlin GTC, Cites Supply Chain Expansion and $11B Physical AI Revenue

Goldman Sachs maintained a Buy rating and $300 12-month price target on Nvidia (NVDA) following CEO Jensen Huang's keynote at GTC Berlin on October 21, saying the event reinforced its view that AI deployment "remains on track for the foreseeable future." The bank flagged sweeping supply chain capacity expansions as a signal Nvidia is preparing for GPU shipments well beyond prior expectations: substrate suppliers Ibiden, SEMCO and Unimicron will expand capacity 2.5-fold, Amkor's CoWoS-R packaging capacity will triple, and SPIL will sharply increase co-packaged optics output. Nvidia also unveiled the DSX POD reference design, a containerized Vera Rubin system slated for early 2027 that compresses data center deployment from months to two weeks. Physical AI revenue reached $11 billion in the first half of fiscal 2027, about 30% above all of fiscal 2026, which Goldman cited as evidence of revenue diversification. The firm forecasts FY27 revenue of $412.7 billion and EPS of $9.40, rising to $718.3 billion and $16.70 in FY28. Downside risks include slower AI infrastructure spending, share loss and supply chain constraints.