Mizuho Forecasts $689B Capex, Nvidia’s 50% AI Growth to Drive GPU Demand
Mizuho forecasts cloud providers’ capex will reach $689B in 2026, up 64% year-on-year, and cites Nvidia’s guidance for roughly 50% annual AI growth, indicating stronger GPU demand. Analyst adjustments raising Dell’s target to $215 and lowering Super Micro’s to $25 suggest AI server orders will shift to Dell’s Nvidia-powered rigs.
1. CapEx Outlook and Nvidia Guidance
Mizuho projects cloud provider capex will reach $689 billion in 2026, a 64% rise from 2025, and emphasizes Nvidia’s guidance for roughly 50% annual AI growth, signaling expanding demand for its data-center GPUs.
2. Dell and Super Micro Price Targets
Analysts raised Dell’s price target to $215 while maintaining an Outperform rating, and cut Super Micro’s target to $25 from $33 with a Neutral rating, reflecting contrasting positions among AI server suppliers.
3. Potential Order Reallocation
Divergent outlooks and Super Micro’s legal and margin challenges may drive AI server orders toward Dell’s Nvidia-powered offerings, potentially boosting Nvidia’s OEM sales and revenue.