Nvidia Stock Soars as Bullish Calls Increase on High Demand from Blackwell

Money | July 9, 2024, 1:14 p.m.

Nvidia shares rose as KeyBanc analysts increased their price target to $180, citing strong demand for Nvidia's Blackwell AI platform. This follows similar boosts from UBS and Wolfe Research. KeyBanc's analysts noted that demand for Blackwell is surpassing expectations, with projections of over $200B in data center revenues by 2025. Despite concerns about potential sales slowdown as customers wait for new technology, demand for older products like Hopper remains high. Nvidia's one-year product cycle, with their next-gen AI platform Rubin following Blackwell, aims to keep up with AI tech advancements. Shares were up 3% at $131.56, showing investor confidence in Nvidia's growth prospects and product innovation. With a bullish outlook and strong demand for their AI technology, Nvidia continues to position itself as a leader in the chipmaker industry.