Wall Street price predictions for Nvidia, AMD, Broadcom through 2029 diverge sharply; capex assumptions drive bull/bear case splits.

AI infrastructure spending is running at a pace that would have seemed absurd two years ago, and three chip suppliers are collecting the largest contracts. NVIDIA (NASDAQ:NVDA) serves as the foundational platform, AMD (NASDAQ:AMD) operates as the credible number two, and Broadcom (NASDAQ:AVGO) acts as the custom silicon and networking partner behind the hyperscalers. Our bold 2029 price targets are $400 for NVDA, $750 for AMD, and $600 for AVGO. Each target requires sustained AI capital expenditure, stable hyperscaler return on investment, and contained export controls; a major spending reset would derail every forecast. Here is the mathematical foundation behind each projection.

**NVIDIA to $400: The Base Case Has Room to Grow**

NVIDIA is up 13.7% year to date and 29.26% over the past year. First quarter FY27 revenue reached $81.61 billion, an 85.2% increase year over year, with Data Center revenue hitting $75.25 billion (+92% YoY). CEO Jensen Huang stated unequivocally: "The buildout of AI factories, the largest infrastructure expansion in human history, is accelerating at extraordinary speed."

Reaching $400 from today's price of $211.80 requires an 88.9% gain. Assuming forward EPS of $8, a $400 share price implies a forward P/E of 50x, compared to roughly 26x today. Our base case currently sits at $332.84 with an implied multiple of 36x. Analyst consensus is 95% bullish, with an average target of $301.62. If Blackwell 300 and Vera Rubin successfully execute Meta's, CoreWeave's, and Anthropic's deployment ramps, EPS will compound, making the 50x multiple a matter of multiple compression rather than speculative expansion. The primary risk remains that China Data Center revenue stays at zero in guidance due to ongoing export restrictions.

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**AMD to $750: The Multiple Is Wild, but the EPS Story Is Real**

AMD has surged 155.94% year to date and 274.82% over the past year, driven by the MI450 and Helios rack-scale ramp. CEO Lisa Su noted, "Data Center is now the primary driver of our revenue and earnings growth," with MI450 forecasts exceeding initial expectations.

Reaching $750 from $548.13 requires a 36.8% gain. With forward EPS of $6.87, that implies a forward P/E of 109x, which is elevated against today's 80x. The multiple compression pathway relies on Meta's 6 GW deployment and the Cisco/HUMAIN 1 GW joint venture pushing EPS well above $10 by fiscal 2028, bringing the 109x multiple down into the 50s.

An 82% analyst bullish consensus and quarterly earnings growth of 91.2% YoY support the trajectory. The key risk is a beta of 2.47, meaning any AI capex volatility will impact AMD disproportionately.

**Broadcom to $600: The Custom Silicon Compounder**

Broadcom is up 12.84% YTD and 42.22% over the past year. AI semiconductor revenue totaled $10.8 billion in Q2 FY26 (+143% YoY), and CEO Hock Tan guided Q3 AI semi revenue to $16 billion, up over 200% YoY, with a stated objective of exceeding $100 billion in AI sales by 2027.

Reaching $600 from $389.11 requires a 54.2% gain. On forward EPS of $12, that implies a forward P/E of 50x, versus roughly 32x today. Our base case stands at $416.68 with an implied multiple of 48x.

Supported by a 92% analyst bullish consensus, a $523.73 analyst target, and a fresh $10 billion buyback authorization, the growth path runs through custom ASIC expansion across three hyperscale customers. The primary risk is customer concentration within a handful of very large accounts.

**The Bottom Line on These 2029 Targets**

My assessment: NVIDIA to $400 (88.9%) is the most defensible of the three, as EPS growth carries the primary valuation weight. AMD to $750 (36.8%) represents the largest multiple stretch, but direct visibility from Meta and HUMAIN makes it plausible. Broadcom to $600 (54.2%) occupies a middle ground.

All three projections depend on AI capex continuing to compound, hyperscaler ROI remaining stable, and export controls staying contained. A significant AI capex reset would invalidate every forecast. While returns at this magnitude should not be expected annually, we have outlined the structural blueprint for how NVIDIA, AMD, and Broadcom could achieve these valuations by 2029.

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