Can NVDA Stock Reach $300? Here’s What C.J. Muse Expects

Cantor analyst C.J. Muse asserts that the AI market is in its "early innings" and not a bubble, reinforcing his conviction in Nvidia's long-term dominance after recent meetings with company leadership. Muse highlights Nvidia's new partnership with OpenAI to reduce costs and its comprehensive full-stack AI platform, projecting the company will secure at least 75% of the AI accelerator market. Consequently, he significantly raised his EPS estimates to $8 by 2026 and $11 by 2027, and set a new Street-high price target of $300, reiterating an Overweight rating and naming NVDA his Top Pick.

Analysis

Cantor analyst C.J. Muse strongly refutes the notion of an AI bubble, asserting that the market is in the "early innings of a multi-trillion AI infrastructure build-out." He cites visible demand from hyperscalers for hundreds of billions over several years, complemented by accelerating adoption across Neo-Clouds, enterprise, and emerging physical AI applications, indicating significant runway for growth. This perspective suggests a sustained investment cycle rather than speculative excess.

Nvidia's strategic positioning was further highlighted through recent investor meetings, revealing a new partnership with OpenAI aimed at establishing the ChatGPT maker as a self-hosted hyperscaler. This move is designed to eliminate "margin stacking" from server ODMs and CSPs, narrowing the cost gap with ASICs to approximately 15% and intensifying competitive pressure on the ASIC market. Nvidia's "Extreme Co-Design" approach, on an annual cadence, optimizes the entire AI infrastructure, with customers now purchasing comprehensive AI deployment capabilities via its full-stack platform, including CUDA-X.

Following these insights, Muse considerably increased his confidence in Nvidia's dominance and the long-term AI infrastructure expansion. He raised his 2026 EPS estimate to $8 (from Street's $6.26) and 2027 EPS to $11 (from consensus $7.36), noting that out-year consensus may be 50% too low. Consequently, he reiterated an Overweight rating, named NVDA his Top Pick, and set a new Street-high price target of $300, implying a ~64% upside, significantly above the Street's average target of $219.86.

Key Decisions for Investors

• Investors should evaluate increasing exposure to NVDA, considering the analyst's significantly raised EPS estimates and new Street-high price target of $300, signaling substantial upside potential.
• Monitor Nvidia's strategic execution, particularly the impact of the OpenAI partnership on cost efficiencies and its full-stack platform's ability to maintain market share against ASIC competition.
• Assess the broader AI infrastructure build-out for signs of sustained demand from hyperscalers and enterprise adoption, which underpins the long-term growth thesis for Nvidia.