Stock market today: Dow, S&P 500, Nasdaq climb as Trump eyes naming a replacement for Fed's Powell
Nvidia (NVDA) stock continued to tick higher Thursday, rising more than 1% in early trading after notching a record high above $154 the prior day.
The gains come amid bullish predictions for the AI chip market on Wall Street.
Loop Capital analyst Ananda Baruah on Wednesday raised his price target on Nvidia shares to $250, the highest of Wall Street analysts tracked by Yahoo Finance, implying that the AI chipmaker’s market capitalization could soar to $6 trillion. Baruah expects the market for AI chips to grow to $2 trillion in 2028.
Baruah said that “we are entering the next ‘Golden Wave’ of Gen AI adoption and NVDA is at the front-end of another material leg of stronger than anticipated demand.”
Bank of America analyst Vivek Arya wrote in his own note to investors Wednesday that he forecasts demand for AI chips reaching a more modest but still impressive $650 billion by 2030, up from $201 billion in 2025. Arya said Nvidia is set to be a “key beneficiary” as it’s “still far ahead” of new entrants in the sector.