Nvidia Stock Is Stuck, But JPMorgan Anticipates Another 'Beat-And-Raise'

Shares of Nvidia Corp (NASDAQ: NVDA) have stalled in recent months — but JPMorgan analyst Harlan Sur says the AI chipmaker's fundamentals are still accelerating.

Despite massive hyperscaler spending and new product momentum, Nvidia’s stock has traded sideways (hovering around $187/share) since its last earnings report, setting the stage for what could be another beat-and-raise quarter.

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JPMorgan’s Sur said there is "little to suggest that NVDA will not (once again) deliver a beat-and-raise," pointing to strong execution and rising visibility into future growth.

Blackwell Ramp + Higher Selling Price To Unlock Higher Revenue

Nvidia's new Blackwell Ultra platform is powering the next wave of growth.

Supply chain checks indicate rack shipments rose to roughly 12,000 units in the January quarter, up from about 10,000 in the prior period.

More importantly, Nvidia is shipping higher-priced GB300 systems, which carry 20% to 30% higher average selling prices.

This combination of volume growth and pricing strength could push revenue above Wall Street's $65.6 billion estimate. Sur expects Nvidia to guide toward $74 billion to $75 billion next quarter, above the current consensus.

AI Demand Still Outrunning Supply

The bigger story is demand. Cloud providers continue to signal that limited AI compute availability is constraining them, reinforcing Nvidia's dominant position.

The company's backlog — already exceeding $500 billion — underscores the sheer scale of committed AI infrastructure spending from hyperscalers. This massive order visibility suggests Nvidia's datacenter growth could remain strongly supported well into 2027.

With these two major tailwinds, Sur believes Nvidia's sideways stock move reflects rising expectations — not weakening momentum.

Another beat-and-raise could quickly reset the narrative.