Nvidia is heavily invested in research and development of artificial intelligence. They have been developing AI technologies for several years and have created several products and platforms for machine learning and deep learning. Nvidia’s GPUs are commonly used for training deep neural networks, and they have also developed software tools such as CUDA, cuDNN, and TensorRT to optimize AI computation on their GPUs. The company has also collaborated with various research institutions and companies to advance the field of AI.
Nvidia Stock In Uptrend On AI
Nvidia is seeing accelerating demand for its solutions, driven by the rapid expansion of generative AI and increasing criticality of power efficiency in the data center. Nvidia is enabling the adoption of AI across every industry, and remains king in the AI space.
Nvidia stock is trading in a strong uptrend channelUptrend and downtrend channel patterns are technical analysis tools used to identify potential future price movements. They are formed by two parallel lines on a chart and can be u... and so far shows no signs of breaking down.
What Analysts Are Saying About NVIDIA Stock
Tigress Financial raised the price target on Nvidia to $320 from $250 and kept a Buy rating on the shares. Tigress said that multiple new products and partnership announcements highlight the company’s strengths and position it for a new AI-driven business upcycle and growth acceleration.
UBS analyst Timothy Arcuri raised the price target on Nvidia to $315 from $270 and kept a Buy rating on the stock. UBS said that Nvidia is the nexus of AI, and the firm is struck by the sheer scope of the opportunity and Nvidia’s position in data science/large models, software, and hardware leadership.
Needham raised the firm’s price target on Nvidia to $300 from $270 and kept a Buy rating on the stock. The analyst believes that the stock’s valuation will increase over the near term on data center strength, receding gaming headwinds, and greater traction in inference and software markets. The firm also states that the end-market that is Nvidia’s biggest growth engine is experiencing a recovery as hyperscaler salesThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... have ramped the past few quarters and visibility has improved.
BMO Capital analyst Ambrish Srivastava raised the price target on Nvidia to $305 from $255 and kepr an Outperform rating on the shares. The analyst states that the company has recognizing the larger opportunity in AI, and the results of its innovation efforts in the space are beginning to show.
TD Cowen raised the price target on Nvidia to $300 from $260 and kept an Outperform rating on the shares. The analyst said we remain impressed at the company’s far and away leadership in accelerated computing, across both HW/SW, with strong presentation emphasis on Gen-AI, Grace Hopper, networking and Omniverse/IaaS opportunities amidst a slew of new enterprise customer partnerships.
Mizuho raised the price target on Nvidia to $290 from $230 and kept a Buy rating on the stock. Mizuho said Nvidia is past the seasonal trough and the second half of 2023 sets up with continued DC Hopper and Generative AI ramps. The stock remains remains a 2023 Mizuho Top Pick despite being up more than 85% year-to-date.
GTC 2023 Keynote with NVIDIA CEO Jensen Huang
NVDA unveiled four AI inference platforms at the most recent GPU Technology Conference, or GTC 2023, in late March. Video computing and image generation are the respective focuses of the L4 and L40. While the Grace Hopper will work well for recommendation models, the H100 NVL is focused on LLMs, or Large Language Models.
Watch NVIDIA CEO Jensen Huang introduce a slew of accelerated computing innovations — from AI training to deployment, semiconductors to software libraries, systems to cloud services — that will help transform every industry.