Nvidia-Intel Partnership: William Blair Analyst Reiterates ‘Buy’ on NVDA, Citing Growth Opportunities

A significant $5 billion investment by semiconductor giant Nvidia (NVDA) into chipmaker Intel (INTC) continues to garner positive attention from Wall Street analysts. William Blair analyst Sebastien Naji recently reaffirmed a ‘Buy’ rating for Nvidia stock, highlighting the partnership as a strategic win for both companies.

Naji’s analysis points to the integration of Intel’s CPU into Nvidia’s NVL72 racks, utilizing NVLink technology, as a key driver for ‘incremental revenue opportunities’ for Nvidia, complementing the already strong demand for NVL72 racks.

This collaboration is expected to benefit Intel by securing a new customer in the data center market and providing crucial funding for its foundry ambitions. Concurrently, Nvidia is poised to expand its presence within the extensive x86 ecosystem and bolster its potential footprint in the integrated GPU PC market.

According to Nvidia CEO Jensen Huang, this partnership could expand Nvidia’s total addressable market (TAM) by approximately $50 billion, intensifying competition for rival Advanced Micro Devices (AMD). Projections from IDC anticipate around 220 million AI PC shipments by 2028, all leveraging the x86 architecture, signaling a substantial incremental TAM for Nvidia.

Naji remains optimistic about the deal’s potential to drive topline growth for Nvidia. He notes NVDA stock’s trading at a P/E multiple of 28x calendar 2026 earnings estimates and anticipates sustained robust growth, fueled by ongoing hyperscaler spending and accelerating momentum from neocloud, sovereign, and enterprise clientele. Wall Street maintains a ‘Strong Buy’ consensus on Nvidia, with an average price target suggesting a 20.2% upside potential.

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