-
The stock hit an all-time high of $666 per share on Friday amid this week’s bullishness in technology and AI.
-
BofA said Friday that the stock has significant upside potential because AI is still in its early stages.
-
Nvidia is scheduled to release its fourth quarter earnings report after the closing bell on February 21st.
NVIDIA stock hit an intraday high of $666 per share on Friday as this week’s tech results reiterated the company’s big plans for early technology, reinforcing bullish views on artificial intelligence. was recorded.
Bank of America on Friday raised its price target on Nvidia to $800 from $700, expecting a 23% upside from current levels.
Analysts expect NVIDIA to be poised to beat revenue estimates when it releases earnings for the final three months of 2023 on February 21st. BofA pointed to its dominance in the GPU chip market, which enables most AI technologies. Nvidia’s position in this field means that the company will retain his 90% share in the AI training market and more than 50% share in the AI inference market.
Friday’s jump in stock prices follows strong results this week from tech giants, many of which have big plans to incorporate AI into their businesses. Microsoft, Meta, and Amazon all reported strong financial results this week, and executives from all three companies pledged to invest more in AI.
Meta CEO Mark Zuckerberg told investors to expect the company to invest “aggressively” in the space, while Amazon executives spoke on the company’s earnings call about airtime. spent a lot of time talking about his new smart assistant, Rufus.
Microsoft’s own AI Copilot assistant has also garnered investor attention as the company reports earnings, with Wedbush Securities analysts this week predicting that the tech giant will have a multitrillion-dollar investment over several years. He said that the opportunity for AI is on the horizon.
Nvidia stock pared some gains as the market headed toward Friday’s close. The stock was trading at $661.10 per share as of 3:10 p.m. ET, an increase of 4.9%.
Read the original article on Business Insider