JPMorgan: Sees Upside to NVIDIA's October Guidance at 107 Billion, H200 China Shipments Remain Uncertain

TechFlow reports, according to Chaoxiang Research, a J.P. Morgan research report dated August 24, 2026 indicates that Nvidia's revenue for Fiscal Year 2027 Q2 (the July quarter) is expected to fall within the $94 billion to $95 billion range, slightly above the market consensus of $92.1 billion. GB300 rack shipments rose approximately 15% quarter-over-quarter to between 17,000 and 18,000 units. Revenue guidance for the October quarter could reach $107 billion to $108 billion, roughly 3% above the market consensus of $104.5 billion, primarily driven by initial Vera Rubin shipments and the commencement of H200 deliveries to China. J.P. Morgan calculates that every 100,000 units of H200 shipped generates approximately $3 billion in incremental revenue, with early signs of customer deliveries for H200s destined for China emerging recently.

Nvidia's current share price implies P/E ratios of approximately 17x and 13x against the market consensus earnings per share for calendar years 2027 and 2028, respectively, well below historical averages. J.P. Morgan reiterates an Overweight rating with a $280 price target, representing a 28x multiple based on an exit run rate EPS of roughly $10 for the 2026 calendar year. Four core themes will dictate the stock's trajectory: the pacing of H200 shipments to China, HBM supply constraints, the competitive dynamics of AI ASICs, and the sustainability of AI infrastructure spending.