Nvidia just delivered what analysts are calling one of the most consequential quarters in semiconductor history. The stock was already up nearly 20% year-to-date before the results landed. And JPMorgan’s Harlan Sur still sees 25% upside from here.

The reasoning behind that view is more nuanced than a simple beat-and-raise story, and understanding it requires looking at what Nvidia (NVDA) said, and did not say, about what comes next.

What JPMorgan changed on Nvidia and the analyst behind the call

JPMorgan analyst Harlan Sur raised his price target on Nvidia to $280 from $265, maintaining an Overweight rating. At Nvidia’s May 21 closing price of $223.47, the new target implies approximately 25% upside.

The raise…