Nvidia outlook pared back by analysts amid trade war and cloud capex concerns
Nvidia Corp (NASDAQ:NVDA, ETR:NVD) has seen its earnings outlook slightly lowered by Citi, which reduced its estimates for 2025 and 2026 on the back of reduced hyperscaler spending and growing macroeconomic uncertainty.
Citi cut its GPU shipment estimates by 3% for 2025 and 5% for 2026, driven largely by a more cautious outlook on Microsoft’s capital spending and a potential pause in enterprise investments amid trade war pressures.
Despite this, Nvidia’s sales projections for the same period were only reduced by 3%, with the company expected to offset some volume softness with resilient pricing.
Earnings per share (EPS) estimates were trimmed by 3% for 2025 and 6% for 2026. As a result, the analysts lowered their price target for Nvidia to $150, based on a 30x multiple of discounted 2026 EPS.
Shares of Nvidia traded up 1.1% at $109 late morning on Friday.
Citi maintained a ‘Buy’ rating on the company, citing Nvidia’s strong competitive position and pricing power in AI chips.
Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) announced that it has signed a Letter of Intent (LOI) to sell up to 80% of its spin-out subsidiary Toggle3D.ai to TQG Technologies in a deal aimed at injecting new capital into Nextech3D.ai and advancing Toggle3D.ai’s next phase of growth under new leadership.
The non-binding agreement sets out a three-tranche transaction that will see TQG acquire an initial 11 million shares for C$610,000, with subsequent tranches dependent on TQG’s financing milestones.
A second tranche of C$276,000 is expected following TQG’s capital raise, and a final tranche will bring TQG’s ownership to 80% through a mix of share purchases and asset vending.
A non-refundable deposit of C$177,000 will be made once the transaction structure is finalized.
Nextech3D.ai may also receive a C$710,000 bonus if TQG secures at least US$5 million in financing by August 2025.
Nextech3D.ai CEO Evan Gappelberg said in a statement,
This transaction represents a thoughtful and strategic evolution for Toggle3D.ai,
“Importantly It also provides Nextech3d.ai with new capital, allowing Nextech3D.ai to focus on its core AI and 3D modeling technologies.”
A joint announcement from Nextech3D.ai and TQG Technologies is expected once the definitive agreement is signed, along with a coordinated rollout of Toggle3D.ai’s refreshed business strategy.
Shares of Nextech were up 37.5% on Thursday morning in Canada at C$0.055.
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Nvidia outlook pared back by analysts amid trade war and cloud capex concerns, source
