Nvidia shares close at record high after forecast signals unwavering demand for AI chips
Summary
Nvidia shares jumped more than 9% on Thursday after the company on Wednesday reported earnings that topped Wall Street estimates and showed that theres still ferocious demand for its artificial intelligence chips. Despite some analysts fearing an "air pocket," others have grown even more bullish on the company since its results. Bernsteins Stacy Rasgon increased the firms price target to $1,300, writing in a note to investors that the narrative surrounding the company is "clearly nowhere near its end, or likely nowhere near its peak." Jefferies raised its target on the stock to $1,350 due to a strong ramp for its new AI graphics processors called Blackwell and anticipation of an acceleration in "magnitude of beats" later this year when the platform launches. Nvidia on Wednesday announced a 10-for-1 stock split, with shares set to begin trading on a split-adjusted basis at market open on June 10.
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