NVDA: HSBC UPGRADES TO BUY FROM HOLD - PT 320 FROM 200 HSBC analyst Frank Lee upgraded NVIDIA from *Hold* to *Buy* and raised the price target from 200 to 320, citing a much larger GPU market by FY27. * Revenue Outlook: FY27 datacenter revenue forecast lifted to 351 B, 36% above consensus (258 B). * China Demand: Potential easing of U.S.–China trade tensions could boost Chinese GPU demand. * Earnings Forecast: EPS for FY27 raised to 8.75 vs. consensus of 6.48 — excluding China chip exports. * Production Ramp: CoWoS wafer allocation increased to 700K units (from 480K), signaling strong AI GPU demand. * Bull Case: 390 B in datacenter revenue and EPS of 9.68 if allocation reaches 800K wafers.(*Walter Bloomberg)