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Nvidia stock is cruising at fresh all-time highs on Wednesday. The top US AI chipmaker saw shares surge as much as 3% to a high of $227.84 before paring the gain slightly.
The rally pushed its market capitalization above $5.5 trillion. Analysts on Wednesday debuted a fresh batch of bullish outlooks for the company as well as the wider AI trade through the rest of this decade. The optimism around Nvidia stock is also building ahead of the company's earnings report on May 20. Nvidia's fresh record comes as the chipmaker's CEO Jensen Huang joins President Trump in Beijing as part of the US delegation at the US-China summit.
Analysts at Bank of America and Wells Fargo boosted their price targets for the stock ahead of Nvidia's fiscal first quarter results next Wednesday. Bank of America the AI trade will stay "stronger for longer for compute, memory, networking," as the firm expects the AI data center market to reach $1.7 trillion by 2030. The analysts boosted their Nvidia price target to $320 from $300, implying another 40% rise from Wednesday's record high.
"Upcoming catalysts include earnings, Computex tradeshow , Vera Rubin launch, and 2H return of cash," they wrote. Ahead of Nvidia earnings, Wells Fargo boosted its price target to $315 from $265, indicating possible upside of about 38%. Nvidia has pivoted from a hardware-supplier model to a gigawatt-scale capacity provider in the AI era, earning the stock a place as one of investors' AI darlings in recent years.
"Despite the peak share / margin concerns, we continue to argue that NVIDIA trading at<20x P/E on what we view as durable 2027 consensus estimates and favorable growth outlook should be bought," the analysts explained.
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