10:47 AM EDT, 08/28/2025 (MT Newswires) -- Nvidia's ( NVDA ) beat-and-raise Q2 results on Wednesday were backed by the company's Blackwell family of chips, Oppenheimer said in a note Thursday.

The investment firm said that fiscal Q3 sales guidance was above consensus estimates "despite the continued exclusion of China AI (H20) sales."

Oppenheimer noted, however, that Nvidia's ( NVDA ) management "highlighted potential to ship [$5 billion] of H20 to China in F3Q assuming a clearer geopolitical environment."

Meanwhile, Nvidia ( NVDA ) also saw growth in all its customers like cloud service providers, neoclouds, companies and sovereign, the note said.

Nvidia ( NVDA ) is the "AI leader benefiting from full-stack AI hardware/software and unique rack-scale," the investment firm said.

Oppenheimer reiterated Nvidia's ( NVDA ) outperform rating and raised its price target to $225 from $200.

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