One of the biggest risers of 2024, Nvidia (NVDA) has kicked off the new year with a boost as Wall Street has held its $177 target on the tech company. Indeed, the chipmaker increased a remarkable 180% over the last twelve months. Now, all eyes are on whether or not the company can repeat its impressive performance.
For much of last year, the firm jockeyed for position as the largest company by market cap with Apple (APPL). Although the iPhone developer ended up on top, Nvidia is still eyeing the $4 trillion market cap record. With AI demand expected to continue, it could be reachable this year.
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Nvidia Starts 2025 With a Boost as Wall Street Holds ‘Buy’ Rating
Amid what was a positive year for the stock market in the United States, 2024 proved that the AI arms race is alive and well. Following the arrival of OpenAI’s ChatGPT in 2023, the technology has driven immense investment over the last twelve months. Although it had weakened over the holiday season, things turned back up again with 2025’s arrival.
One of the biggest beneficiaries was Nvidia (NVDA), as the company received a notable New Year boost along with the semiconductor market as Wall Street reinforced its $177 target, according to TipRanks. Indeed, the chipmaker jumped 2% in the first trading day of the new year.
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It certainly wasn’t alone, as AMD, Broadcom, and Qualcomm all rose to start the new year. The development has reinforced bullish narratives as the new year approaches. Indeed, Loop Capital was the latest to add to that perspective. Specifically, they noted Nvidia was enjoying a ‘Nirvana’ moment and showing it is poised to rally throughout the year ahead.
With a $3.36 trillion market cap, big things are expected from the company in 2025. More than 40 Wall Street analysts have given the company a strong buy rating, with only three hold recommendations coming over the final three months of 2024. Amid its current $177 target, Nvidia has a 28% upside from its current position, according to experts.