Baird reiterates Nvidia outperform on Anthropic cloud deal, new architecture demand

Baird analyst Tristan Gerra reiterates Outperform and $500 PT on Nvidia. He notes strong demand for Grok 3 LPX inference accelerator and expects Vera to gain low-teen share in AI server CPU by 2027. WSJ reports Anthropic entered a $35B cloud compute agreement with Nvidia-backed Lambda. Baird expects Nvidia to retain compute lead at Anthropic. Lambda operates 14 data centers with Nvidia GPUs, recently raised $1B in debt for Microsoft collaboration, and Nvidia signed a $1.5B leaseback contract with Lambda in 2025.