Analysts believe that after the Artificial Intelligence Conference, Nvidia’s target is 1,000; is Nvidia worth buying?

Nvidia (NVDA) moved higher on Monday and moved steadily higher on Thursday and Friday, after regaining the 900 level at Wednesday’s close. Shares rose last week at Nvidia’s GTC artificial intelligence developer conference.weekly chart IBD market surges Shows Nvidia stock price has risen for 11 consecutive weeks since January break out.


The stock price is currently approaching 1,000 points. After a massive 239% rally in 2023 and a year-to-date gain of over 90%, is Nvidia stock a buy?

CEO Jen-Hsun Huang discussed the AI ​​leader’s new chip, Blackwell, at the company’s recent AI Developers Conference. New artificial intelligence chip will accelerate computing and will be available through several Nvidia partners later this year.

UBS analyst Timothy Arcuri raised his target price on Nvidia from 800 to 1,100, while maintaining a buy rating.

Akuri says Following the launch of Blackwell, “we believe Nvidia is on the cusp of a new wave of demand from global enterprises and sovereigns, each potentially as large as large U.S. cloud customers.”

Ahead of the meeting, Truist analyst William Stein raised his price target on Nvidia to 1,177 from 911. He expects demand for Nvidia chips to be stronger in 2024 and 2025. Analysts at HSBC also raised their price target to 1,050 from 880. Both Truist and HSBC maintained buy ratings on the stock.

Bank of America analysts also recently Increased target priceincreased from 925 to 1,100.

NVIDIA Stock: Quarterly Up

Nvidia launches yet another Beat the Raising Quarter Earnings per share were $5.16 on sales of $22.1 billion, beating fourth-quarter expectations of $4.59 and $20.4 billion.

Previously, the company said that the limited supply of AI chips is the biggest challenge to growth, and customers may also wait for the next-generation B100 chip expected to be launched in the next few quarters. Baird Analyst Recently stated that this is a good thing. Analysts say the B100 chips will have better performance and will likely have higher average selling prices.

The artificial intelligence chip maker also revealed its Recently invested in several smaller AI companies in a filing with the U.S. Securities and Exchange Commission.

Also in February, CEO Jensen Huang gave an optimistic outlook on data center spending, a key part of Nvidia. At the World Government Summit in Dubai, Huang said “In the next four to five years, we will have $2 trillion worth of data centers supporting software around the world, and all of that will be accelerated.”

Huang added that countries can now “create computing technology that doesn’t require anyone to program it.”

He added: “Everyone in the world is a programmer now.”

What’s next for Nvidia stock?

So what’s next for the stock?

AI leaders have partnered with Immediate service (Now) publishes an open access platform for coders.

Earlier, Nvidia announced that its advanced chips will be used in portable workstations and will speed up video streaming and other content-related tasks. Dell Technologies (Dell), Lenovo (Left ventricular GY) and other companies.

return, Barron’s reports Recently, a new chip could be the next catalyst for the stock.

Chart Nvidia’s price movement

IBD market surgesChart tools show shares of the Big Seven rose after KeyBanc analysts raised their price target on the artificial intelligence leader to 740 from 650.Also in January, a quarterly report from KeyBanc British Semiconductor (TSM) and ASML (ASML) boosted chip stocks.

At CES in January, Nvidia announced its new GeForce graphics processor. The chip is designed for laptops and PCs that support artificial intelligence. The company also said electric vehicles are using its self-driving system. ideal car (LI) and other electric vehicle manufacturers have chosen Nvidia powered Thor For their fleet.

this IBD rankings The holding company and leader in the artificial intelligence chip space gained 239% in 2023, peaking at 505.48 points in late November. Nvidia stock started flat, with 505.48 as a new buy point. It rose sharply on January 8th and continued to rise sharply on January 8th. Do not look back. The stock price is now close to 1,000 points.

Artificial intelligence products drive growth

Nvidia has earned a reputation as a trailblazer. The company was an early pioneer in the field of graphics processors, which many believe greatly improved computer gaming. In addition to gaming, Nvidia chips are now used in industries including healthcare, automotive, and robotics.

In March of this year, generative artificial intelligence took a leap forward with OpenAI’s ChatGPT. Nvidia’s AI-enabled supercomputers pave the way for “an AI-powered iPhone moment,” the company said.

This helped Nvidia reverse its performance decline. The company reported three quarters of year-over-year sales declines and four quarters of shrinking earnings. But then the company posted record revenue and profit growth in its last two quarters.

Nvidia’s top rating

Nvidia stock shows superior technical strength and has a top score of 99 Overall rating and EPS is relative strength rating 98 also shows that it outperforms the vast majority of stocks in Investor’s Business Daily database.

Nvidia is also one of the top seven stocks leading the 2023 stock market rally.Other stocks are apple (AAPL), Microsoft (Microsoft Corporation), letter (Google), meta platform (Mehta), Tesla (Tesla) and Amazon (Amazon). Some of these tech giants are customers that rely on Nvidia’s advanced chips. NVIDIA is also “2024 Haoqi”.

Current Nvidia Stock Number one The fabless semiconductor group ranks 16th among 197 industry groups in IBD. AI stocks frequently appear in IBD50IBD industry leaders, and technology leader Additionally, the stock is listed on IBD Ranking list.

Is Nvidia stock a buy?

The stock holds Accumulate/issue ratings A-. This shows strong interest from institutional buyers over the past 13 weeks.

According to the report, total global artificial intelligence chip revenue will grow by 26% from US$53.4 billion in 2023 to US$67.1 billion in 2024. recent reports Data from research firm Gartner.This number will double to $119 billion by 2027

Nvidia’s graphics processing units help accelerate computing in data centers and artificial intelligence applications.

Nvidia stock is not a buy right now. The stock extended from the buy zone created by the 505.48 flat bottom entry. Meanwhile, heavy selling points to weaker moves from the AI ​​chip leader.

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