Nvidia (NVDA) closed at a record high on Monday as Wall Street anticipated Big Tech companies’ November earnings reports.
The company’s stock price rose 4.14% to close at $143.71 per share, and the stock continued to rise in after-hours trading. Earlier in the day, the company’s stock hit an intraday high of $142.46, according to Barron’s. Nvidia stock has increased 198.34% since the beginning of the year.
On Friday, Bank of America (BAC) raised its price target on the chipmaker from $165 to $190, citing “confidence in NVDA’s competitive advantages and generational opportunities.”
In a Bank of America Global Research report, research analyst Vivek Arya cited Taiwan Semiconductor Manufacturing Co. (TSMC)’s (TSM) financial results and Advanced Micro’s financial results as part of the reason for raising the target price.・He cited “recent industry events” such as the Devices AI event. last week.
“We are also focused on increasing the presence of AI in companies where NVDA is a partner of choice,” Arya said.
Last week, Nvidia hit a new intraday high after TSMC beat profit estimates. On Thursday, the company’s stock rose more than 3% at one point to an intraday high of $140.89 per share. The stock’s last intraday high was on June 20, when it hit $140.76 per share.
Meanwhile, TSMC reported revenue of NT$759.69 billion ($23.5 billion) for the quarter ended Sept. 30. According to TSMC, sales in the third quarter increased by 36% year-on-year in US dollar terms and by 12.9% from the previous quarter.
Nvidia’s stock price fell more than 4% last Tuesday after closing at a record high of $138.07 the previous day. The decline followed reports that the United States may restrict sales of advanced artificial intelligence chips from U.S.-based chipmakers to certain countries.
For the latest news, follow us on Facebook, Twitter And Instagram.
