Wells Fargo Sees 20% Upside to Nvidia’s $1T Data Center Revenue; Shares Dip
Wells Fargo projects Nvidia’s data center revenue could be 15–20% above its $1 trillion forecast, implying over $120 billion upside and $840 billion in sales through 2027 from Blackwell and Rubin platforms. Shares now trade below the S&P 500’s forward P/E at 19.8x for the first time in 13 years, while retail investors made it the most purchased stock and analysts reaffirm Outperform-to-Buy ratings with targets up to $325.
1. Undervalued Data Center Forecast
Wells Fargo highlights that Nvidia’s $1 trillion data center revenue projection for its Blackwell and Rubin GPU lines may be conservative, forecasting 15–20% higher revenue for 2026–27. This gap suggests over $120 billion in upside compared with consensus estimates.
2. Blackwell and Rubin Platform Pipeline
Nvidia has deployed nine gigawatts of Blackwell infrastructure and expects cloud providers to add 22 GW in 2026 and 25 GW in 2027. The firm’s pipeline anticipates $840 billion in combined sales from these platforms through 2027.
3. Stock Valuation and Analyst Sentiment
Shares now trade at a forward P/E of 19.8x, below the S&P 500’s 20.3x multiple for the first time in 13 years, marking a valuation reset. Retail investors made Nvidia the top-purchased stock last week, and analysts maintain Outperform-to-Buy ratings with price targets ranging from $265 to $325.