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The unstoppable rise of NVIDIA Corp., rallying the price targets of Intel and AMD

Financial Times, 14th February 2024 01:37:40

The Financial Times reported on February 14th (edited by Da Weiguo) that NVIDIA, as one of the biggest beneficiaries of the rise of artificial intelligence (AI), is still witnessing a crazy surge in its stock price, which has risen by more than 50% this year. This performance has prompted at least five institutions to raise their price targets for the company.

As of the closing bell on Friday, NVIDIA’s share price hit a record high of $722 per share, and has surged by 46% so far this year, adding approximately $56 billion to its market value.

At the close of the trading day, NVIDIA’s market cap briefly surpassed that of IBM and Alibaba, making it the fourth highest valued company globally, surpassed only by Microsoft, Apple, and Alphabet. Furthermore, its stock surged by a larger margin than IBM and Alibaba.

NVIDIA’s position in the AI chip sector has been particularly strong, with the market looking favorably at its long-term prospects. Goldman Sachs and Bank of America have also expressed optimism about NVIDIA’s stock price trajectory.

This week, Goldman Sachs raised NVIDIA’s price target from $580 to $850, and updated its revenue outlook. Similarly, Bank of America raised the price target of NVIDIA from $625 to $825.

Vijay Rakesh, a breakdown analyst at Mizuho, wrote in a client report that NVIDIA is the best AI stock, and the market’s demand for its H100 exceeds its supply. The H100 is considered to be the most needed GPU for language model training.

As one of the strongest performing stocks in the U.S. stock market, NVIDIA has shown the best performance in the S&P 500 and Nasdaq 100 indices this year.

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Although Wall Street has been bullish on NVIDIA, they have struggled to keep up with the stock’s rise. The 12-month average price target given on Wall Street is around $690, which is lower by about 4.5% compared to NVIDIA’s Friday closing price.

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