Nvidia ($NVDA) Nears Record High with 3% Surge Amid Strong AI Demand

Oct 14, 2024, 02:11 PM

Nvidia's stock ($NVDA) is on the verge of reaching new all-time highs, driven by strong demand for its artificial intelligence (AI) chips and positive analyst ratings. The stock has surged by more than 3% on Monday and is now within 1% of its previous high. Analysts from Citi, Goldman Sachs, and Wells Fargo have all updated their price targets for Nvidia, with some predicting targets as high as $175. Bernstein has also maintained an Outperform rating with a price target of $155. Nvidia's market cap is now just 3% below Apple's, positioning it to potentially become the most valuable company in the world. The company has guided for $32.5 billion in revenue for its November earnings report, with expectations for future growth. Nvidia's performance has significantly impacted the S&P 500, contributing approximately 40% to its market cap gains in 2024. The stock is also seen as a key player in the ongoing 'AI arms race'.