Nvidia (NASDAQ:NVDA | NVDA Price Prediction) is sitting at $177.39, down about 5% year to date, and Wedbush’s Dan Ives just called it a “table pounder” with 30 to 40% upside from current levels.
Ives was asked about opportunities in a beaten-down semiconductor and tech sector, including whether the Iran conflict and potential helium shortages could disrupt semiconductor manufacturing. He dismissed near-term shortage concerns unless the conflict extends another four to five weeks. His bigger point: the macro noise is creating a forest-for-the-trees moment where long-term investors see opportunity while others see panic.
Why the Bull Case Holds Up
In Q4 FY26, Nvidia posted revenue of $68.13 billion, up about 73% year over year, with Data Center revenue of $62.31 billion, up 75%. Networking revenue alone rose 263% year over year to $10.98 billion. Full-year revenue came in at $215.94 billion, up about 66%.
Q1 FY27 guidance is approximately $78 billion, even after excluding China data center compute revenue following export restrictions. The analyst consensus price target sits at about $268, with 60 buy ratings and just 1 sell. Ives’s 30 to 40% upside call is actually more conservative than where Wall Street’s consensus already lands.
On the capex question, Ives does not believe we are at peak AI capex spending. His channel checks for Q1 are strong, and deal activity is actually accelerating despite the macro volatility. That tracks with what Jensen Huang said on the earnings call: “Computing demand is growing exponentially — the agentic AI inflection point has arrived.”
The Software Discount Nobody Is Talking About
Ives also flagged Microsoft (NASDAQ:MSFT), Salesforce (NYSE:CRM), and ServiceNow (NYSE:NOW) as the highest quality software names in the market, trading at nearly a 40% discount.
The numbers back the pain. Microsoft is down about 23% year to date. Salesforce has dropped about 29% year to date, with analyst consensus still at about $273 versus a current price of $187.18. ServiceNow is down about 33% year to date, with analyst targets at $185.04 against a current price of $102.
The fear is that agentic AI erodes SaaS pricing power. Ives’s counter is that software isn’t becoming obsolete — it’s becoming infrastructure. Salesforce’s Agentforce platform already has 29,000 deals closed and $800 million in ARR. ServiceNow’s cRPO grew 25% to about $13 billion. These are the metrics of companies deepening their competitive moats.
The VIX hit 31.05 on March 27 before pulling back to 24.54. Ives described the environment as “white knuckle” and I think that’s exactly right. The investors who can hold through white-knuckle moments are the ones who capture the upside when the fog clears.
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