Nvidia (NVDA) achieved a new all-time high on Monday as investors await the upcoming earnings reports from Big Tech companies in November.
The chipmaker’s stock surged 4.14% to close at $143.71 per share, with its shares continuing to rise in after-hours trading. Earlier in the day, Nvidia’s stock hit an intraday high of $142.46, as reported by Barron’s. The company’s shares have experienced a remarkable increase of 198.34% since the beginning of the year.
Last Friday, Bank of America (BAC) raised its price target for Nvidia from $165 to $190, citing their confidence in the company’s competitive edge and growth potential.
Research analyst Vivek Arya pointed to recent industry events, such as Taiwan Semiconductor Manufacturing Company’s (TSMC) earnings results and Advanced Micro Devices’ AI event, as reasons behind the price target increase in Bank of America Global Research’s report last week.
“We also highlight the growing adoption of AI in the enterprise sector, where Nvidia is the preferred partner,” Arya stated.
Just last week, Nvidia reached a new intraday high following TSMC’s positive earnings report. The chipmaker’s stock briefly rose over 3% to hit an intraday record of $140.89 per share on Thursday. The previous intraday high was recorded on June 20 at $140.76 per share.
On the other hand, TSMC announced revenue of NT$759.69 billion, equivalent to $23.5 billion, for the quarter ending on September 30. The company reported a 36% year-over-year increase in revenue in U.S. dollars for the third quarter, marking a 12.9% growth from the previous quarter.
Nvidia’s shares took a hit last Tuesday, dropping over 4% after reaching a record high of $138.07 the day before. The decline came in response to reports suggesting that the U.S. might restrict sales of advanced AI chips from U.S.-based chipmakers to certain countries.
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