"Shares of NVIDIA Corp. (NASDAQ:NVDA) gained 1.04% over the past five trading sessions after gaining 1.40% the five prior. That brings the stock's year-to-date gain to more than 35%. In July, the AI chipmaker became the first publicly traded company to hit a $4 trillion market cap in early July. That achievement came just one month after surpassing both Apple Inc. (NASDAQ:AAPL) and Microsoft Corp. (NASDAQ:MSFT) in market cap as members of the $3 trillion market cap club."
"The last week of September, the company announced plans to invest up to $100 billion in OpenAI. As a result, Evercore raised its price target on NVIDIA to $225 from $214 while keeping an "Outperform" rating, citing the OpenAI deal as the impetus, while Barclays raised its price target to $240 from $200, maintaining its "Overweight" rating. From a financials perspective, the company has tailwinds."
"When NVIDIA reported Q2 earnings on Tuesday, Aug. 26, it beat on top and bottom lines, announcing EPS of $1.05 against $1.01 expected, and revenue of $46.74 billion against $46.06 billion estimated. That resulted in a flurry of upward price target revisions this summer. DA Davidson upgraded NVIDIA to "Buy" from "Neutral" with a price target of $210, up from $195."
NVIDIA experienced consecutive weekly gains that produced a year-to-date increase exceeding 35% and reached a $4 trillion market capitalization in early July. The company announced plans to invest up to $100 billion in OpenAI, prompting Evercore and Barclays to raise price targets. Q2 results beat expectations with EPS of $1.05 versus $1.01 and revenue of $46.74 billion versus $46.06 billion, which spurred multiple analyst upgrades. Major firms including DA Davidson, Bernstein, Bank of America, Citi, JPMorgan, KeyBanc, Morgan Stanley, and Oppenheimer raised outlooks. NVIDIA remains central to AI demand for semiconductors, microchips, and GPUs.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]