The developer of processors for artificial intelligence, Nvidia (NVDA), saw its shares soar to an all-time high on Monday after investment bank Goldman Sachs raised its price target.
Toshiya Hari, an analyst, increased his 12-month price estimate for Nvidia stock from 625 to 800. In addition, he maintained his buy recommendation and Nvidia’s position on the company’s “conviction list” of best stocks.
Nvidia’s shares closed at 693.32 today, up 4.8% on the stock market. The previous session saw it reach a record high of 694.97.
In addition, he increased his projections for Nvidia’s fiscal 2025 and 2026 earnings. On January 28, Nvidia’s fiscal year came to a conclusion.
According to him, hyperscale cloud service companies like Meta are still making significant investments in AI-powered data centers.
According to him, hyperscale cloud service companies like Meta are still making significant investments in AI-powered data centers. Furthermore, according to Hari, Microsoft and Meta are shown preliminary signs of monetizing AI for their services.
The ‘Gold Standard’ In AI Stock: Nvidia
According to him, Nvidia will probably beat rival Advanced Micro Devices (AMD) in the market for AI chips.
In terms of competition, we think Nvidia will continue to be the industry leader for the foreseeable future due to its wide range of hardware and software options and, most importantly, the speed at which it is developing new products. AMD is making good strides with its MI300 platform.
IBD MarketSmith data show that on January 8, Nvidia’s stock broke out of a flat foundation at a purchase price of 505.48%.