Nvidia stock (NVDA) rose 2% in early trading on Wednesday after receiving a price forecast upgrade from HSBC. The bank upgraded NVDA shares to Buy from Hold on resilient earnings growth potential. HSBC analyst Frank Lee said in a research note that he expects the market for Nvidia’s AI chips to keep growing beyond its Big Tech customers. With this year already showing strong promise for the future of AI technology, analysts are growingly bullish on the potential of AI-based stocks like NVDA, AMD, and more.

“We expect AI GPU TAM [total addressable market] to keep increasing beyond hyperscalers, leading to continuous earnings growth,” the analyst wrote in a note. Nvidia’s GPUs hold the dominant market share, so they would thus experience some of the largest growth, sending NVDA stock higher. Additionally, Lee also raised his price target on the stock to $320 from $200

NVDA is up close to 30% year-to-date and has survived every market crash in 2025. Despite volatility, the GPU maker has seen its price surge in value as investors flock towards the equity. Nvidia (NVDA)’s gains on Wednesday helped reverse losses from Tuesday, when the stock fell more than 4% as tech stocks dipped amid an escalating trade dispute between the US and China that resulted in 100% tariffs on the latter.

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In addition to HSBC, five additional institutional and price prediction firms have revised their target for NVDA, and all are bullish. Those firms are Baird, TD Cowen, Everscore ISI, Morgan Stanley, and KeyBank. All the price projections for Nvidia stock comfortably sit above the $200 range, with the minimum upward trajectory being $206, while the maximum is $235. Bulls have heavily invested in Nvidia this year as the most sought-after asset in the US stock market, which is reflected in the stock forecast upgrades.