Nvidia stock rises to intraday record high as Wall Street stays bullish ahead of earnings

Published On Oct 21, 2024, 3:04 PM

Nvidia's stock has hit a new intraday high of over $142, encouraged by Wall Street's bullish outlook ahead of its upcoming earnings report. Analysts from Bank of America and CFRA have raised their price targets significantly due to robust demand for AI technology and Nvidia's growing partnerships with major companies. As Nvidia continues to lead in AI chip production, the market's expectation for substantial revenue and earnings growth remains high, with analysts projecting an 84% increase in earnings per share and an 83% rise in revenue for the upcoming quarter.

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Nvidia is positioned strongly in the AI market, and its partnerships with major tech firms could fuel significant growth. Even amid some market uncertainties, the prevailing bullish sentiment from analysts suggests continued investor confidence in Nvidia's capabilities to dominate in the AI sector.

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