Just days ago, we said:

“Shares of Nvidia (NVDA) will soon trade at a tenth of its current price tag. Post-split, we don’t expect the stock to stay down for long. With the artificial intelligence boom and powerful earnings fueling momentum, NVDA could easily run right back to $1,000 in a few months.”

At the time, NVDA traded at $120. Today, it’s up to $135.58 and flying.

Better, the run is far from over.

According to analysts, NVDA still has plenty of room to run. 

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Argus Research just raised its price target on NVDA to $150 from $110 with a buy rating. Oppenheimer raised its target to $150 from $110 with an outperform rating. And Evercore ISI raised its target to $145 from $131 with an outperform rating. 

Also, remember, that the AI boom shows no signs of slowing.

According to Grand View Research, the global AI boom could grow from about $137 billion in 2022 to more than $1.81 trillion by 2030.

Plus, consider this. Artificial intelligence-related spending will make up about 8% to 10% of IT budgets in 2024, according to Wedbush. “This demonstrates a remarkable acceleration in AI spending after it comprised less than 1% of IT budgets in 2023,” added Seeking Alpha.


Ian Cooper