UBS has maintained its Buy rating on Nvidia Corporation [NASDAQ: NVDA] with a price target of $245.00, citing continued strength in artificial intelligence-driven hardware demand despite a monthly dip in key export data. The stock was trading at $221.23 at the time of the note, close to its 52-week high, and has returned 84% over the past year.

The bank pointed to Taiwan Ministry of Finance data for April showing that Automatic Data Processing equipment exports, excluding laptops, came in at $23.5 billion. That represented a decline of 28% month-over-month from March’s $32.9 billion and came in below the typical seasonal trend of a 2.2% month-over-month decline.

UBS characterised the pullback as normalisation following an unusually strong March, which had seen exports surge 127.7% month-over-month. The bank attributed that spike largely to post-Lunar New Year catch-up activity rather than a structural acceleration, making the April softening less concerning in isolation.

Despite the monthly dip, UBS noted that the absolute level of exports remains elevated compared to historical norms, which the firm views as consistent with healthy underlying demand for AI infrastructure. Total first-quarter export data landed at $70.9 billion, up 7% quarter-over-quarter, modestly below UBS’s data center revenue estimate but still tracking in a positive direction.

TSMC’s first-quarter sales were also cited, rising 8.4% quarter-over-quarter and outpacing seasonal norms, providing additional support for the bullish view on Nvidia’s supply chain positioning. The stock appears undervalued relative to fair value estimates, with analysts projecting continued sales growth.

On the corporate front, Nvidia recently named Suzanne Nora Johnson to its board of directors, effective July 13, 2026. The appointment will expand the board to eleven members. Johnson, a former Goldman Sachs senior executive, will also join the audit committee. Separately, Nvidia is reportedly in talks with SoftBank and Foxconn to explore building artificial intelligence server infrastructure in Japan, according to Nikkei Asia. The company also announced a major partnership with IREN Limited to deploy up to 5 gigawatts of AI infrastructure, with Nvidia holding the right to purchase up to 30 million IREN shares valued at a potential $2.1 billion.