Morgan Stanley raised its price target on Nvidia Corp. to $206 from $200 while reiterating an Overweight rating, saying demand for the chipmaker’s artificial-intelligence graphics processors remains “overwhelming” and is likely to carry momentum through 2026. The bank’s analysts now model $46.6 billion in revenue for the July quarter and $52.5 billion for the October period, up from previous estimates of $45.2 billion and $51.3 billion, respectively. The revision comes a week before Nvidia reports earnings, heightening expectations for another record quarter. Supply constraints may still cap near-term sales, Morgan Stanley cautioned, but it expects demand to define the company’s trajectory as hyperscale and enterprise customers ramp up AI spending. Additional brokerages echoed the bullish view. Cantor Fitzgerald lifted its target price to $240 and kept an Overweight stance, while Wedbush Securities’ Dan Ives reaffirmed Nvidia as the flagship name in his refreshed “Ives AI 30” list of companies set to benefit most from the generative-AI boom. The series of upgrades helped push Nvidia shares—and the broader tech benchmark—higher in early Monday trading. Competitive pressures are simultaneously building in China. Shanghai-listed Cambricon Technologies, regarded as a potential domestic challenger to Nvidia, secured regulatory clearance to raise 3.98 billion yuan (about $560 million) for AI-chip development. The fundraising aligns with Beijing’s directive that more than half of the chips used in public data-centre projects be sourced from local suppliers.