[Goldman Sachs: Nvidia’s physics AI revenue exceeds that of the whole year and gives a target price of US$300] On October 22, the market was worried that AI capital expenditures had peaked, and Nvidia gave the opposite signal at GTC Berlin. Physical AI revenue exceeded the entire previous fiscal year ahead of schedule, supply chain substrate production capacity expanded 2.5 times, and CoWoS-R (advanced packaging) production capacity expanded 3 times. Goldman Sachs maintains a buy rating on Nvidia with a target price of $300, which is 38.6% higher than the closing price of $216.47 on October 20. Goldman Sachs participated in Nvidia CEO Jensen Huang’s GTC Berlin keynote speech. Goldman Sachs pointed out in a report released on October 21, 2026 that the immediate impact of the incident on stock prices was limited, but it strengthened the judgment that AI deployment is still on track. NVIDIA is ensuring supply chain preparedness while providing tools to help the ecosystem address security concerns about agent AI. The three investment points are strong customer unit economics, agent security upgrades, and physical AI revenue diversification. AI deployment shifts from training to inference and physics AI, and Nvidia prepares the supply chain for a higher-than-previously expected CPU ramp. The $300 price target is based on a price-to-earnings multiple of 30 times normalized earnings per share of $10. NVIDIA has authorized repurchases of approximately US$235 billion, with capital returns supporting the stock price.