AI infrastructure spending is running at a pace that would have seemed absurd two years ago, and three chip suppliers are collecting the biggest checks. NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) is the platform. AMD (NASDAQ:AMD) is the credible number two. Broadcom (NASDAQ:AVGO) is the custom silicon and networking partner behind the hyperscalers.
Our bold 2029 targets: $400 for NVDA, $750 for AMD, and $600 for AVGO. Here is the math behind each.
NVIDIA to $400: The Base Case Has Room to Grow
NVIDIA is up 13.7% year to date and 29.26% over the past year. Q1 FY27 revenue hit $81.61 billion, up 85.2% year over year, with Data Center revenue of $75.25 billion (+92% YoY). CEO Jensen Huang called it plainly: “The buildout of AI factories, the largest infrastructure expansion in human history, is accelerating at extraordinary speed.”
Reaching $400 from today’s price of $211.80 would require a gain of 88.9%. With forward EPS of $8, $400 implies a forward P/E of 50x, versus roughly 26x today.
Our base case already sits at $332.84 with an implied multiple of 36x. Analyst consensus is 95% bullish with a target of $301.62. If Blackwell 300 and Vera Rubin deliver on Meta’s, CoreWeave’s, and Anthropic’s ramps, EPS compounds, and the 50x multiple becomes the compression story rather than an expansion stretch. The risk: China Data Center revenue remains zero in guidance due to export restrictions.
AMD to $750: The Multiple Is Wild, but the EPS Story Is Real
AMD has ripped 155.94% year to date and 274.82% over one year on the MI450 and Helios rack-scale ramp. CEO Lisa Su noted “Data Center is now the primary driver of our revenue and earnings growth” with MI450 forecasts exceeding initial expectations.
Reaching $750 from $548.13 requires a gain of 36.8%. With forward EPS of $6.87, that implies a forward P/E of 109x. That is rich against today’s 80x. The compression path: Meta’s 6 GW deployment and the Cisco/HUMAIN 1 GW joint venture push EPS well above $10 by fiscal 2028, and 109x becomes 50s.
82% analyst bullish consensus and quarterly earnings growth of 91.2% YoY back the trajectory. The risk: a beta of 2.47 means any AI capex wobble hits AMD hardest.
Broadcom to $600: The Custom Silicon Compounder
Broadcom is up 12.84% YTD and 42.22% over the past year. AI semiconductor revenue was $10.8 billion in Q2 FY26 (+143% YoY), and CEO Hock Tan guided Q3 AI semi revenue to $16 billion, up over 200% YoY, with a stated goal of exceeding $100 billion in AI sales by 2027.
Reaching $600 from $389.11 requires a gain of 54.2%. On forward EPS of $12, that implies a forward P/E of 50x, versus roughly 32x today. Our base case is $416.68 with implied multiple of 48x.
With 92% analyst bullish consensus, a $523.73 analyst target, and a fresh $10 billion buyback, the path runs through custom ASIC growth from three hyperscale customers. The risk: concentration in a handful of very large accounts.
The Bottom Line on These 2029 Targets
My verdict: NVIDIA to $400 (88.9%) is the most defensible of the three because EPS growth does the heavy lifting. AMD to $750 (36.8%) is the biggest stretch on multiple, but Meta and HUMAIN visibility make it plausible. Broadcom to $600 (54.2%) sits in between.
All three need AI capex to keep compounding, hyperscaler ROI to hold, and export controls to stay contained. A serious AI capex reset would derail every one. Returns at this level shouldn’t be expected every year, but we’ve outlined the blueprint for how NVIDIA, AMD, and Broadcom could reach these levels in 2029.
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