Nvidia Wins BNP Paribas Upgrade as TSMC's Record Quarter Backs the AI Demand Story
Published on 10/08/2026 at 14:10 | Editorial boerse-global.de
BNP Paribas Exane has raised its rating on Nvidia to "Strong Buy," a vote of confidence in the chipmaker's earnings power as data-center buildouts continue worldwide. The upgrade lands alongside fresh evidence that demand across the semiconductor supply chain remains robust, even as broader market crosscurrents keep the stock pinned near its recent peak.
Shares changed hands at EUR 210.35 on the day of the BNP call, slipping 0.8% but holding just 2.7% below their 52-week high. By the following session the stock had steadied, trading at EUR 211.15 — barely beneath the prior day's level and still within striking distance of the EUR 216.10 peak touched on Tuesday.
TSMC's Blowout Quarter Lifts the Whole Chain
The strongest tailwind comes from Nvidia's key manufacturing partner. TSMC reported record third-quarter 2026 revenue of USD 46.71 billion, a 50% jump year over year, with September sales alone climbing 54.6% from a year earlier. That momentum underpins Nvidia's own growth ambitions: the company is targeting roughly USD 108 billion in revenue for its current third fiscal quarter.
CEO Jensen Huang has pointed to markedly improved order visibility, which for the first time allows the company to issue guidance for the entire coming fiscal year. Management expects revenue growth of about 70% in that period, with gross margins between 72% and 73%.
Raymond James analyst Simon Leopold reinforced Nvidia's leadership position with a USD 515 price target, signaling that some houses see considerably more upside than the current quote implies.
Should investors sell immediately? Or is it worth buying Nvidia?
Rising Yields and Oil Weigh on the Sector
Not everything is working in Nvidia's favor. Higher yields on ten-year US Treasuries and climbing oil prices dragged the entire semiconductor sector lower in the previous session, pulling Micron, SK Hynix, AMD and Nvidia down together. The pullback reflected broad caution across global equity markets rather than any company-specific problem, as investors trimmed chip holdings once bond-market rates moved sharply higher. Rising financing costs typically pressure capital-intensive growth companies and dampen risk appetite.
Those same funding conditions are drawing scrutiny on the customer side. Leopold flagged persistent shortages in memory chips and energy infrastructure, along with rising buildout costs. Higher Treasury yields could stir short-term volatility and squeeze the economics for buyers of accelerator cards. Major customers are increasingly borrowing heavily to lock in hardware orders — SpaceX is reportedly negotiating a USD 40 billion debt package, structured through bank loans and bonds, to finance Nvidia AI chips. Those talks have not been officially confirmed.
Hardware Push Extends Beyond the Data Center
Operationally, Nvidia is broadening its AI lineup for the workplace. Global pre-orders for laptops built around the RTX Spark superchip opened, with regular shipments of the mobile machines set to begin on October 16. Compact desktop systems are slated to go on sale in November, and the company previewed its DGX Station for Windows workstation.
The goal is to put local AI compute directly on developers' desks, with PC-market partnerships laying the groundwork for applications that need serious processing power outside centralized cloud data centers. For specialized users, Nvidia is adding a DGX Spark configuration with 64 gigabytes of memory through hardware partners, expected to retail for around USD 4,999.
The company is also tending its traditional PC graphics business. On Tuesday it announced support for new game titles, releasing a driver for Call of Duty: Modern Warfare 4 and shipping Gears of War: E-Day with its in-house DLSS 4.5 upscaling technology and ray tracing.
Detailed third-quarter results are due on November 18. Until then, signals from suppliers and the direction of interest rates are likely to set the tempo for the share price.
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