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Nvidia Eyes 1,000 After AI Conference, Analyst Views
Nvidia (NVDA) headed higher on Monday after retaking the 900 level at close of market on Wednesday and climbing steadily higher on Thursday and Friday. Shares rose amid the Nvidia GTC conference for AI developers last week. The weekly chart on IBD MarketSurge shows Nvidia stock has rallied for an unbroken 11-week stretch since its January breakout.
Shares are now approaching the 1,000 level. After huge runs of 239% in 2023 and more than 90% so far this year, is Nvidia stock a buy?
Chief Executive Jensen Huang discussed the artificial intelligence leader's new chip, Blackwell, at the company's recent AI developer conference. The new AI chip will accelerate computing and will be available through several Nvidia partners later in the year.
UBS analyst Timothy Arcuri has increased Nvidia's target price to 1,100 from 800 while maintaining a buy rating.
Arcuri said that following the Blackwell launch, "we believe Nvidia sits on the cusp of an entirely new wave of demand from global enterprises and sovereigns — with each sovereign potentially as big as a large U.S. cloud customer." $NVIDIA (NVDA.US)$ $Advanced Micro Devices (AMD.US)$ $Nasdaq Composite Index (.IXIC.US)$
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Changeman : 980$NVIDIA (NVDA.US)$ today