Nvidia stock rises on AI spending, chip deal ahead of earnings

Published On Nov 19, 2024, 4:16 PM

Nvidia's stock rose nearly 5% in anticipation of strong earnings, fueled by increased demand for its AI chips, particularly from major cloud providers. Analysts have updated their price targets, citing optimism about AI infrastructure spending and a significant order from Nebius Group for 35,000 Nvidia chips. Despite concerns regarding potential overheating issues with its new Blackwell chips and some demand slowing in China, the overall sentiment remains positive with projected earnings growth.

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Stock Forecasts

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Positive

Nvidia is expected to benefit from strong demand in AI, a key area for growth. Given the bullish analyst sentiments and rising stock price ahead of earnings, investors may see continued upward momentum in Nvidia's stock. The ongoing developments in AI infrastructure and new product rollouts should also sustain interest.

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