(CercleFinance.com) – Nvidia continued its irresistible rise on the New York Stock Exchange on Friday after reaching new highs this week, in a context of optimism ahead of quarterly results.
The chipmaker is currently up 1%, bringing its gains since Monday to more than 1.8%.
With a valuation of more than $1.8 trillion, Nvidia this week became the third largest American market capitalization, behind Microsoft and Apple.
Driven by the craze currently surrounding artificial intelligence (AI), the stock rose from $475 at the start of the year to $740, an increase of almost 50% in two and a half months.
The explosion of applications powered by generative AI, such as ChatGPT, has generated unprecedented demand for processors enabling supercomputing, in which the Californian group has notably specialized.
According to estimates from Wedbush Securities, this technological revolution is expected to generate cumulative investments of around $1,000 billion in the tech sector over the next ten years.
It is therefore optimism that dominates before the publication, scheduled for Wednesday February 21 in the evening, of the group’s quarterly results.
UBS analysts, who are buying the stock, raised their target on the stock from $580 to $850 this week, expecting the group to largely exceed market expectations and raise its targets to occasion.
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