Feb. 24, 2026 – Hong Kong/New York – Nvidia (NVDA) may be on the verge of a pivotal moment, according to GF Securities analyst Jeff Pu, as the company’s upcoming quarterly results and the GTC event draw near. Pu noted that Nvidia shares have underperformed the SOX semiconductor index since November 2025 but maintains a Buy rating, citing strong near-term quarters, continued progress on projects like Rubin and VR200, and improving prospects for non-tier-1 cloud service providers, including OpenAI.

Pu raised his price target to $295, signaling confidence that the stock’s recent relative weakness may not reflect its operational momentum. He expects a moderate beat-and-raise quarter, forecasting revenue of $67.4 billion versus company guidance of $65 billion and analyst estimates of $66.2 billion. For the following quarter, he projects revenue of $78 billion, above the $75.6 billion consensus, with April-quarter gross margins in the mid-70% range, aided by pass-through of higher memory costs.

Key demand trends include continued strength in Blackwell, resilient H200 demand, and a smaller contribution from Rubin. Looking beyond the earnings report, Pu highlighted GTC as a potential catalyst, with Nvidia possibly launching a language processing unit to enhance its inferencing portfolio, and a 50/50 chance of announcements regarding co-packaged optics for scale-out switches and scale-up configurations, alongside further Rubin updates.

“Delivery on revenue expectations combined with product updates could drive sentiment after a period of underperformance versus the broader semiconductor benchmark,” Pu said