Nvidia stock heads for fifth day of gains as Wall Street stays bullish on AI

Published On Oct 8, 2024, 2:22 PM

Nvidia's stock is experiencing a surge, marking its fifth consecutive day of gains, with Wall Street analysts maintaining their bullish outlook on the company due to its strong position in the AI market. Analysts have increased sales forecasts for Nvidia, anticipating revenue to reach $130.6 billion for fiscal year 2025, surpassing previous estimates. Demand for their AI chips remains robust, especially following a significant funding round for AI startups which could fuel further demand for Nvidia's products. Additionally, Nvidia is diversifying by promoting its AI software solutions at an AI summit and has plans to expand production capabilities through partnerships with companies like Foxconn. The overall semiconductor sector is also showing growth, reinforcing a positive sentiment around Nvidia and the industry as a whole.