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Will Nvidia stock climb to $1,000?

Will Nvidia stock climb to $1,000?

In October 2022, the semiconductor giant Nvidia (NASDAQ: NVDA) entered into a new phase in the stock market which has seen its shares do little other than rise. Indeed, starting the period at approximately $120, NVDA rose over the 15 months to an impressive $926.69 at the latest close on March 7, 2024.

The boom was generally driven by Nvidia’s continuous benefiting from the ongoing artificial intelligence (AI) boom in a manner likened by a study published by one Paris-based IT company to the shovel-selling during the California gold rush.

Nvidia’s massive and continuous rise has led many to wonder if the stock of the biggest blue-chip chipmaker in the world with a valuation of over $2 trillion can go even higher and soon hit $1,000 per share.

Can Nvidia reach $1,000 per share?

By early March 2024, a $1,000 NVDA share price started looking well within reach, with many prominent analyst firms forecasting it as their 12-month price target and some – Loop Capital, for example – considering $1,200 as the likeliest value to be reached by the end of the year.

Along with Nvidia’s own performance, the surge observable with other AI-involved firms also hints toward a high likelihood of NVDA reaching $1,000 in the coming months. 

Perhaps the most dramatic example comes in the form of Super Micro Computer (NASDAQ: SMCI) – itself partnered with Nvidia – the shares of which started in 2024 at $285.45 and rose to $1,159 by early March.

Still, the average price target for NVDA shares, according to data retrieved from TradingView on March 8, actually constitutes a slight downside of approximately 3.5% at $893.24. 

Simultaneously, the highest forecast would see Nvidia shares rise another 29.47% to $1,200, and the lowest would see a significant drop of 36.92% to $584.42.

NVDA stock analyst rating. Source: TradingView

Despite the average target constituting a downside, NVDA stock is generally rated as a “strong buy,” with 44 out of the 58 experts represented on TradingView ranking it as a “strong buy,” 9 believing it to be a “buy,” and 5 maintaining neutrality. Nvidia, at the time of publication, has no “sell” ratings.

Technical analysis (TA) is likewise bullish when it comes to Nvidia and the blue-chip chipmaker is overall considered a “strong buy” with oscillators reading “buy” and moving averages “strong buy.”

NVDA stock technicals. Source: TradingView

Nvidia stock price chart

Whether Nvidia reaches $1,000, as many investors and experts believe it will or not, the fact that the semiconductor giant has been doing exceptionally well remains. The last 52 weeks saw NVDA climb 283.23% and, year-to-date, the chipmaker surged 92.39%.

NVDA YTD stock price chart. Source: FInbold

The more recent performance is similarly positive, and Nvidia shares rose 33.07% in the last months and ended the latest full trading day – Thursday, March 7 – 4.47% in the green at $926.69.

The Friday premarket also offers a hint that Nvidia might climb to $1,000 sooner than most are expecting, as the extended session has, by press time, seen NVDA rise another 3.34% to $957.66.

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