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Nvidia's shares rose to $510.14 in premarket trading, set to surpass a record high of $481.87 hit earlier this week. They have tripled in value this year.
Nvidia's shares rose to $510.14 in premarket trading, set to surpass a record high of $481.87 hit earlier this week. More than 20 brokerages raised their target price on Nvidia after the earnings, according to Refinitiv data, with Elazar Advisors being the most bullish at $1,600. Nvidia has been the biggest beneficiary of the rise of ChatGPT and other generative AI apps, virtually all of which are powered by its graphics processors.
Shares of Nvidia climbed 7.9% to $508.56 premarket after the chip designer late on Wednesday forecast quarterly revenue that far exceeded expectations, and said it would buy back $25 billion in stock. Nasdaq 100 e-minis were up 172 points, or 1.13% and S&P 500 e-minis were up 21.75 points, or 0.49% at 5:28 a.m. ET. "It is clear...that AI demand is still outstripping supply," Mark Haefele, chief investment officer at UBS Global Wealth Management, said in a note.
European shares hit one-week highs on Thursday, with chipmakers lifting the technology sector after industry bellwether Nvidia far exceeded expectations with its quarterly revenue forecast, and as...
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