Nvidia (NASDAQ: NVDA) stock hasn’t done much recently. Over six months, it’s basically flat.

However, the consensus view among the professional analyst community is that the growth stock is poised for a significant move higher. Some analysts believe that it could actually hit $300 in the not-too-distant future.

Nvidia is powering the AI revolution

Earlier this week, Nvidia held its GTC AI conference. This provided investors with some insights into the company’s roadmap and growth potential.

There was a lot to be excited about. Anyone who tuned into CEO Jensen Huang’s keynote will understand that this company still has a lot of growth ahead of it.

In this keynote, Huang spent time talking about the company’s new Rubin platform. This is basically an AI supercomputer that consists of seven different Nvidia chips.

Designed to handle every stage of AI, it’s both powerful and efficient. Compared to the company’s current Blackwell systems, it offers up to 10x more inference throughput per watt and one-tenth the cost per token.

One thing that really jumped out at me was the scale of demand for this product and the current Blackwell chips. Huang said that through 2027, he expects $1trn in cumulative revenue between the two chip systems.

That’s a staggering amount of money. And it shows why Nvidia is the most valuable company in the world today.

Powering the robotaxi revolution

Looking beyond Rubin, there was lots of other exciting news. One thing worth highlighting was the company’s plans in the robotaxi space.

Here, Nvidia has partnered with a bunch of big-name automotive companies (Nissan, BYD, etc) to build self-driving cars. It has also partnered with Uber to launch a global fleet of robotaxis in the years ahead.

Share price forecasts

Since the GTC conference, Wall Street analysts have been scrambling to reiterate their Buy ratings for the stock and their price targets. And some of the price targets are miles above the current share price.

At least four different firms believe the stock can hit $300 over the next 12 months or so (one of these firms, Evercore ISI, is looking for $352). Another four firms have price targets of between $275 and $300.

Of course, such price targets need to be taken with a pinch of salt. Analysts’ research and models can be off the mark at times and often their price targets don’t come to fruition.

I’ll point out that there are plenty of risks that could derail the bullish thesis. These include a slowdown in AI spending, new products from competitors, and a broader market meltdown.

Personally though, I believe the chip stock is likely to experience another surge at some point soon as its valuation is actually quite low at present (the price-to-earnings ratio is only 22). So, I think it’s worth considering for a portfolio today.