Despite strong performance of AMD and Intel shares: Expert has another favorite

• Intel and AMD have recently clearly lagged behind NVIDIA in terms of price development
• Oppenheimer still sees structural advantages at NVIDIA
• Blackwell platform and valuation suggest further potential

With a historic series of successes at Intel sparked by the great demand for central processors for AI servers and a similarly strong rally at AMD, the two NVIDIA competitors have so far left the AI ​​top dog well behind over the year.

For comparison: Intel investors have had an increase of around 81 percent in their portfolios since the beginning of the year. At AMD, the gains amount to around 43 percent, while NVIDIA lags significantly behind at around seven percent.

Wall Street darling is clear “top pick” despite strong competition

Nevertheless, the chip giant remains a Wall Street darling, including Oppenheimer analyst Rick Schafer: Ahead of the semiconductor industry’s reporting season, NVIDIA shares receive an “outperform” rating with a price target of $265.00. AMD and Intel are only rated as “Perform”.

Schafer not only sees a clear upside potential of 32.58 percent for the stock at the last closing price of $199.88 (closing price: April 21, 2026), but also calls the share his clear “top pick”. The decisive factor is less the short-term price development than the technological leadership in the AI ​​segment.

Oppenheimer: Blackwell chips are “two generations” ahead of the market

The analyst was particularly impressed by the Blackwell chips.

“We believe the premium Blackwell Ultra (GB300) NVL racks are two generations ahead of the market,” Schafer wrote in a recent research note cited by Barron’s. Blackwell offers the “best performance per watt in both training and inference.”

Such Blackwell racks are highly integrated AI supercomputers. A single system combines 72 GPUs and 36 CPUs into a type of “single, giant GPU” that can train and run extremely large AI models, according to a press release from NVIDIA. This architecture not only enables faster training, but above all more efficient inference processes – a central factor for the increasing commercialization of AI applications.

Rating speaks for NVIDIA

In addition to the technological leadership role, according to Barron’s, Schafer also points to the valuation: NVIDIA is currently trading at around 17 times its expected earnings per share for 2027.

This is below the industry average of around 20 and, from the analyst’s perspective, indicates that some of the long-term growth potential has not yet been fully priced in. There could be a relative advantage here, especially compared to the CPU providers that have been doing well recently.

Analysts remain clearly on the buy side

Other analysts also share the positive view of the AI ​​pioneer. For example, the analysis firm Bernstein Research has left the rating for NVIDIA at “Outperform” with a price target of $300.

The experts expect that high-performance chips and components for AI data centers will play a key role into the 2030s – a market in which NVIDIA is structurally excellently positioned.

A look at the aggregated assessments from TipRanks underlines this picture: out of 43 analysts, 41 recommend buying the stock, with only one vote each for “Hold” and “Sell”. The average price target is $273.57 and signals an upside potential of around 37 percent.

Benedict Kurschat, editorial team at finanzen.net

This text is for informational purposes only and does not constitute an investment recommendation. finanzen.net GmbH excludes any claims for recourse.

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