TLDR
- NVIDIA shares hit a record high on September 30, pushing market cap past $4.5 trillion as the first company to reach this milestone.
- Jefferies raised NVIDIA’s price target to $220 from $205 while maintaining a “Buy” rating following the OpenAI partnership announcement.
- The company plans to invest up to $100 billion in OpenAI progressively, with first gigawatt deployment scheduled for second half of 2026.
- CoreWeave secured a $14.2 billion deal to supply Meta with AI infrastructure services, with NVIDIA as a major CoreWeave shareholder.
- Citi analysts increased their price target from $200 to $210, citing higher AI infrastructure spending forecasts.
NVIDIA Corporation shares climbed nearly 3% on September 30, reaching a new all-time high. The chipmaker became the first company to surpass a $4.5 trillion market cap.
The stock has gained approximately 39% in 2025. Investors remain bullish as NVIDIA expands its presence in the AI infrastructure market.
Jefferies analyst Blayne Curtis raised his price target on NVIDIA to $220 from $205 on September 27. He kept his “Buy” rating on the stock.
The upgrade came after NVIDIA announced a partnership with OpenAI to deploy 10GW of systems. Curtis noted that management confirmed this deal represents new demand that doesn’t overlap with OpenAI’s existing arrangements with Oracle or Microsoft.
OpenAI Investment and Deployment Plans
NVIDIA plans to invest up to $100 billion in OpenAI. The investment will roll out progressively as each gigawatt is deployed.
The first gigawatt of NVIDIA systems is set for deployment in the second half of 2026. These systems will operate on the NVIDIA Vera Rubin platform.
OpenAI announced five new data centers with Oracle expected to house hundreds of thousands of GPUs. The “Stargate” project carries a $500 billion total cost.
NVIDIA will take an equity stake worth up to $100 billion in OpenAI. CEO Jensen Huang stated that NVIDIA products account for roughly 70% of spending on new AI data centers.
Analyst Upgrades and Market Performance
Citi analysts raised their NVIDIA price target from $200 to $210 on September 30. The increase followed revised forecasts for AI infrastructure spending after the OpenAI announcements.
Citi analyst Atif Malik stated that OpenAI sought NVIDIA’s help due to the company’s compelling product lineup. Both user numbers and compute consumption per user are growing.
CoreWeave announced a deal on September 30 to supply Meta with $14.2 billion in AI infrastructure services. NVIDIA holds a large shareholder position in CoreWeave.
NVIDIA is outperforming most megacap technology stocks this year. Only Broadcom has performed better with roughly 40% gains, also driven by OpenAI-related business.
Chautauqua Capital Management noted in its Q2 2025 letter that NVIDIA’s first quarter results were extremely solid. The company took a write-down on China-specific datacenter products following new export restrictions in April.
Demand outside China remains strong. NVIDIA is exceeding expectations despite supply constraints and outpacing competing ASIC products by a wide margin.
NVIDIA also partnered with Intel Corporation to develop custom data center and PC products. These products serve hyperscale, enterprise, and consumer markets.
The stock closed at a record high on September 30. Trading volume reflected strong investor interest in NVIDIA’s expanding role in AI infrastructure development.
Meta and Google are both increasing their infrastructure spending. The trend shows widespread investment in AI capabilities across major technology companies.
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