Though the ongoing artificial intelligence (AI) boom has generated numerous success stories, few have been as impressive as the blue-chip chipmaker Nvidia (NASDAQ: NVDA).
While the world’s biggest semiconductor company may appear overshadowed by the likes of Super Micro Computer (NASDAQ: SMCI) in terms of 2024 stock market performance when the entire AI boom – considered to have started with the initial release of ChatGPT in late 2022 – NVDA is unmatched.
Indeed, in the 20-odd months, Nvidia’s market capitalization grew by almost a full $3 trillion from under $400 billion to the press time valuation above $3.3 trillion.
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By mid-June 2024, the chipmaker even overtook the likes of Microsoft (NASDAQ: MSFT) and Apple (NASDAQ: AAPL) and became the world’s biggest company.
Such a rise, however, begs the question of what is next for Nvidia, as a major triumph sometimes precipitates a dizzying fall.
Despite the danger, the broader AI sector still boasts significant investor confidence, as evidenced by Apple’s sudden springing to life in the stock market after it announced it will be integrating OpenAI’s products.
Nvidia technical analysis indicates more growth ahead
Technical analysis (TA) retried from TradingView also apparently backs the persistent AI enthusiasm – and particularly the persistent confidence in Nvidia.
In fact, the moving averages (MA), oscillators, and the overall readings remain virtually unchanged whether based on NVDA’s performance in the last full trading session, the last week, and the month.
The only notable difference is that the average rating flips from a ‘strong buy’ to a mere ‘buy’ when based on the preceding 7 days of trading.
Analysts remain highly bullish with new Nvidia price targets
Analysts are likewise – at least when it comes to the most recent price target revisions – highly confident Nvidia is set to continue its upward march.
On June 18, Tigress Capital upgraded its forecast for NVDA shares from $98.50 to $170 and Wells Fargo (NYSE: WFC) now considers a rise to $155 likely.
On the same day, Rosenblatt Securities provided the most bullish prediction to date with a new price target set at $200 – a full 47.51% upside from $135.58, Nvidia stock price today.
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