On Monday, $NVIDIA Corp(NVDA)$ stock soared to an all-time high, courtesy of Goldman Sachs boosting its price target on the AI chip manufacturer. Analyst Toshiya Hari upped the 12-month price target to 800 from 625, maintaining a buy rating and keeping Nvidia on the firm's top stock picks.
During the trading day, Nvidia's stock climbed 4.8% and closed at 693.32, hitting a record high of 694.97 earlier in the session. Hari, in a client note, highlighted Nvidia's potential gains from strong AI server demand and improved GPU supply.
Hari adjusted Nvidia's earnings estimates for fiscal 2025 and 2026, expressing optimism about the company's performance amid robust AI server demand. Contrary to earlier assumptions, he foresees consistent data center revenue growth through the first half of calendar year 2025.
Citing recent reports from Meta Platforms, Microsoft, and Super Micro Computer, Hari reinforced his positive outlook on Nvidia, emphasizing the continued investment by hyperscale cloud service providers in AI-powered data centers.
Comparatively, he asserted Nvidia's superiority over Advanced Micro Devices in the AI chip market, attributing it to Nvidia's innovative hardware, software offerings, and the rapid pace of its advancements.
Looking ahead, the spotlight shifts to Nvidia's fiscal fourth-quarter report, scheduled for release on Feb. 21, as the potential catalyst for further developments in its stock performance.
In conclusion, Nvidia's stock reached unprecedented heights following Goldman Sachs' optimistic projections, fueled by robust AI server demand and enhanced GPU supply. Analyst Toshiya Hari's positive outlook, supported by recent industry reports, positions Nvidia as a leader in the AI chip market. As the anticipation builds for Nvidia's upcoming fiscal fourth-quarter report on Feb. 21, investors brace for a potentially dynamic ride in the ever-evolving landscape of artificial intelligence and semiconductor technologies.
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