With markets dropping again, let’s revisit an old favorite, Nvidia (NVDA).
When we last spoke about NVDA, it traded at around $520. Today, it’s up to $563.82 and could race to higher highs. All after analysts at KeyBanc, which cited strong demand for AI chips by data centers, hiked their price target to $740 from $650, with an overweight rating.
Helping, the company recently made several big announcements at CES 2024, which included new chips for generative AI, PCs, gaming, and newer partnerships. NVDA also announced its newest GeForce RTX graphics cards, which offer 4K resolution and even ray tracing.
There’s also been speculation NVDA could split its shares, especially as it ramps up substantial growth, and expands its margins. It’s just speculation, but we wouldn’t be shocked if it were to be announced sometime this year to attract even more investors.