Nvidia stock closed on Monday setting a new high record. The stock recorded 4.14% to finish at $143.71 and is expected to triple in value in this year.
Nvidia is the world leader in developing Artificial Intelligence chips and technologies. The increasing demand for AI applications has caused a surge in stock to a fresh rise year over year.
Additionally, many analysts believe that the price of Nvidia stock will grow further. Ming-Chi Kuo, an analyst stated that Microsoft Corporation increased its order for fourth-quarter NVIDIA GB200 3x from 400 racks to 1,450 racks.
“Blackwell chip production ramp-up begins in early 4Q24,” Kuo stated. “Considering yield rates and testing efficiency, estimated shipments are about 150,000-200,000 units in 4Q24, with significant growth projected at 200-250% QoQ to 500,000-550,000 units in Q1 2025.”
Moreover, stock tracked by Visible Alpha implies a shift from 4% to 7% and a consensus price target of $154.19, up from $152.41 closing from Monday.
Jensen Huang, CEO of Nvidia revealed in an interview that demand for Blackwell AI chips is “insane” this month. Dell Technologies Inc. also said that the company is ready to ship the Blackwell servers as soon as November.
Wedbush analyst Dan Ives said they believe “overall AI infrastructure market opportunity could grow 10x from today through 2027 as this next generation AI foundation gets built with our estimates a $1 trillion of AI cap-ex spending is on the horizon over the next 3 years.”
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