Nvidia stock closed at a record high as Wall Street sees strong AI demand
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Nvidia (NVDA+4.08%) closed at a record high Monday as Wall Street anticipates Big Tech’s earnings report in November.
The chipmaker’s stock rose 4.14% and closed at $143.71 per share, and its shares continued climbing in after-hours trading. Earlier in the day, the company’s stock reached an intraday record high of $142.46, according to Barron’s. Nvidia’s shares are up 198.34% so far this year.
Friday, Bank of America (BAC-1.29%) raised its price target for the chipmaker to $190 from $165, citing “confidence in NVDA’s competitive lead and generational opportunity.”
Research analyst Vivek Arya cited “recent industry events,” including Taiwan Semiconductor Manufacturing Company’s (TSMC) (TSM+0.52%) earnings results and Advanced Micro Devices’ AI event, as part of the reason for the price target lift in the Bank of America Global Research report last week.
“We also highlight a growing presence of AI in enterprise, where NVDA is the partner of choice,” Arya said.
Last week, Nvidia set an intraday high after TSMC beat earnings expectations. The chipmaker’s stock briefly climbed over 3% to set an intraday record of $140.89 per share Thursday. The stock’s last record intraday high was on June 20, when it reached $140.76 per share.
Meanwhile, TSMC reported revenue of NT$759.69 billion, or $23.5 billion, for the quarter ending Sept. 30. Third-quarter revenue was up 36% year over year in U.S. dollars, TSMC said, and was up 12.9% from the previous quarter.
Shares of Nvidia fell over 4% last Tuesday after closing at a record high $138.07 the previous day. The drop occurred following a report that the U.S. could cap sales of advanced artificial intelligence chips from U.S.-based chipmakers to certain countries.
