The chipmaker behemoth Nvidia is now transforming the corporate business arena as it continues to establish its growing reputation on the global radar. Nvidia has become a huge asset to the world as demand for its AI chips continues to surge and spike to new highs.
That said, Nvidia stocks are also rallying high on the radar, targeting a new price peak of $200. Will NVDA be able to claim this high very soon? Let’s find out.
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Nvidia Stock Rallies As Data Center Demand Booms
Nvidia stocks noted a modest uptick on Friday last week as demand for data centers continued to boom. The NVDA stock rallied after Western Digital, a notable data storage maker, reported a stunning quarterly profit, beating analysts’ expectations and forecasts. The development prompted Nvidia stocks to note slight price upticks, bolstering its prospects as AI usage grows with each passing second.
“More companies are now embracing artificial intelligence in their everyday tasks, and demand remains strong for Nvidia chips,” said Russ Mould, investment director at AJ Bell.
Speaking about Nvidia outpacing Apple, the LSEG data showed briefly how Nvidia surpassed Apple in stock market value metrics. Nvidia touched the $3.53 billion mark, slightly higher than Apple’s $3.52 billion mark.
Nvidia has emerged as a leading supplier of AI chips to Microsoft, Alphabet, and Meta, establishing the firm’s robust repute in the domain. The firm’s stock has risen nearly 18% to date, with more gains expected in the near future.
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The Firm’s Stock Forecast: Will It Claim $200?
TipRanks, a noteworthy stock analysis platform, has issued a bullish price forecast for NVDA stock. According to the portal, NVDA stocks may surge to hit a new price mark of $153 while inching to claim an all-time high of $200. The firm’s stock is currently trading at $143.
“The average price target for Nvidia is $153.86. This is based on 42 Wall Street Analysts 12-month price targets issued in the past 3 months. The highest analyst price target is $200.00; the lowest forecast is $90.00. The average price target represents an 8.70% increase from the current price of $141.54. Nvidia’s analyst rating consensus is a strong buy. This is based on the ratings of 42 Wall Street analysts.”
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