Nvidia stock on meteoric rise. Will earnings keep up?
Mar 08, 2024 - asia.nikkei.com
U.S. chipmaker Nvidia's shares have reached record highs due to optimism about the potential of artificial intelligence. The company's near-monopoly on AI chips has led to a rapid pace of profit growth, with its share price nearly doubling this year. The average target calculated by QUICK-FactSet rose from $674 at the end of January to $893 after Nvidia's Feb. 21 earnings release, with shares closing at $926.69 on Thursday.
Analysts are struggling to keep up with the fast-moving stock, with Mizuho Securities' U.S. arm raising its target from $850 to $1,000. The rapid growth and high demand for AI technology are driving Nvidia's success, with investors anticipating continued growth.
Key takeaways:
U.S. chipmaker Nvidia's shares have reached record highs due to the potential of artificial intelligence.
The average target calculated by QUICK-FactSet rose from $674 at the end of January to $893 after Nvidia's Feb. 21 earnings release.
Shares have already jumped past this, rising 4% to close at $926.69 on Thursday.
Mizuho Securities' U.S. arm on Tuesday lifted its target from $850 to $1,000.
