Mizuho lifts price targets on global AI server stocks
The firm said Wistron's revenue jumped 59% quarter over quarter, with Wiwynn and Foxconn up 23%, which it called 'positive for JulQ NVDA and DELL.'
Mizuho added that 'GB200/300 ramps in OctQ/JanQ (positive DELL, MU with HBM and CRDO) position NVDA for upside,' while China's license approvals could 'drive 300-500K+/yr of GPUs for AMD/NVDA in C26E.'
The bank also pointed to 'near-term strong xAI, OCI and MSFT ramps,' with xAI potentially ramping Colossus2 to 350,000–1 million GPUs. OCI's Stargate project could lift its capital spending to $40 billion, while CRWV maintains $21 billion in 2025 outlays.
Microsoft is 'ramping GB300/B300 strongly,' featuring 50% more high-bandwidth memory than the GB200 generation, a positive for Micron.
Mizuho now expects hyperscaler capital expenditure to climb 54% year over year in 2025, versus a prior 38%, with Meta's 2026 spending projected up about 40% to $97 billion.
AI accelerator shipments are forecast to reach 14 million units in 2026, up 24% from a year earlier, and AI server spending to hit $415 billion by 2029, growing at a 26% compound annual rate.
The firm raised its price target for Nvidia to $205 from $192, AMD to $205 from $183, Dell to $160 from $150, and Credo to $135 from $112, while maintaining Micron estimates but noting continued benefits from 'strong HBM demand with HBM3e 12-Hi ramping well.'
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