Jim Cramer has said that the stock for the largest company globally by market capitalization, Nvidia Corp. (NASDAQ: NVDA), ‘is on fire’.
On July 22, Cramer told his mass social media following that Nvidia stock is heating up despite a lack of specific reason.
“Remember the largest stock in this market is on fire… and we don’t know why… NVDA,” Cramer noted.
Over the past 24 hours, Nvidia stock price surged nearly 4%, trading at about $213.66 at press time. As such, the company had a market capitalization of more than $5 trillion at the time of publication.
After being trapped in a correction phase between mid May 2026 and late June, Nvidia stock has rallied over 9.6 % so far in July, up from $194.83 on July 2.
Why is Nvidia stock going up today?
Nvidia stock surged today partly due to positive sentiment from Vivek Arya, an analyst at Bank of America Corp. (NYSE: BAC). On Wednesday, BofA said it sees the CPU (Central Processing Unit) market reaching $170 billion by 2030.
Consequently, Arya reiterated a Buy rating for NVDA stock, and set a 12-month price target of $350, signaling a potential upside of more than 63%. In the AI infrastructure news, Arya pointed to growing competition between Nvidia’s Vera CPU and Advanced Micro Devices Inc. (NASDAQ: AMD).
Meanwhile, Nvidia stock could have gained uptrend momentum today following bullish sentiment from Wall Street analysts. Specifically, 37 Wall Street analysts surveyed by TipRanks have issued a Strong Buy rating for Nvidia stock and set an average 12-month price target of $309.94.
The company has also made notable investments to increase its revenue in the long haul. For instance, Nvidia disclosed an ownership of 22.2 million shares in Nebius Group N.V. (NASDAQ: NBIS).
As a result, Nvidia owns 10% of the full-stack AI cloud infrastructure. Earlier today, Nvidia launched the Medical Physics Simulation framework, a major healthcare AI news.
