Hopium Overload: DBS Analyst Pumps Nvidia Target to $220 While Stock Tanks 6% YTD

Nvidia (NASDAQ: NVDA) has had a rough 2026 so far, with the chip giant down 6.07% year-to-date to $177.39. But Wall Street apparently didn't get the memo, or maybe they're just really good at ignoring reality like a degen ignoring liquidation warnings.

On April 2, analyst Fang Boon Foo of DBS reiterated his 'Buy' rating for NVDA and bumped his 12-month price target from $180 to $220 — representing a 24% upside from current levels. The upgrade hinges on continued AI model development and Nvidia's stranglehold on the hardware needed to power it. The analyst also highlighted insatiable demand for the company's chips in data center construction. Apparently, building AI infrastructure is the new building castles in the sky, except these castles run on H100s.

The note carries some weight — Foo sports a 68% accuracy rating on TipRanks with a 36.30% average upside, per data retrieved April 3. That's better than most crypto influencers' price predictions, but then again, so is a coin flip.

Wall Street's love affair with Nvidia shows no signs of cooling. The stock carries a 'Strong Buy' consensus with an average 12-month forecast of $273.57 — more than 50% above today's price. Of the 43 analyst ratings in the past three months, 41 were Buy recommendations, with just one Neutral and one Sell. We're not saying there's a herd mentality here, but if these analysts were any more bullish, they'd be minting their own tokens.

Much of the bullishness stems from the AI rally that kicked off in late 2022 and peaked late in 2025. The upcoming Vera Rubin series — successor to the Blackwell lineup — has fueled price target revisions, along with CEO Jensen Huang's talk of a $1 trillion revenue opportunity. Nothing says "priced in" like mentioning a trillion-dollar TAM while your stock bleeds 6% YTD.

But not everyone's buying the hype. Q1 2026 has seen most tech stocks trend downward as AI profitability remains elusive and backlash against the industry's societal and environmental impact grows. Geopolitical tensions, including the Iran war's disruption of global helium supplies — a key semiconductor manufacturing input — have added to the uncertainty. Nothing like a good old-fashioned geopolitical supply chain nightmare to remind everyone that chips don't grow on trees.

Bulls appear undeterred. Because when you're riding the hopium express, why would you care about little things like fundamentals, supply constraints, or the fact that your stock is down 6% while everyone's telling you to buy more?