Nvidia (NVDA) printed an all-time high of $191.05 on Thursday as investors continued to cheer its $100 billion partnership with OpenAI, cementing its leadership in artificial intelligence (AI) hardware.
Shares of the chipmaker have pushed higher in recent weeks also because the Federal Reserve lowered interest rates by 25 basis points on Sept. 17, triggering a broader rally in the high-flying tech stock.
Including today’s gains, Nvidia stock is up roughly 120% versus its year-to-date low set in early April.
TD Cowen analyst Joshua Buchalter remains convinced that NVDA stock could push significantly higher from here through the remainder of 2025.
Other than the OpenAI partnership, Buchalter attributes his constructive view on the AI behemoth partly to its high-speed interconnect technology NVLink.
“Nvidia is the market incumbent with its NVLink offering, and we see the proliferation of Nvidia-based systems as a wide moat for the company in the scale up switch market,” he told clients.
TD Cowen maintains its “Buy” rating on Nvidia shares and sees upside in them to $235, indicating potential upside of another 23% from current levels.
Options data from Barchart also currently paints a bullish picture for Nvidia stock as traders seem to be positioning for continued upside.
Contracts expiring on Dec. 19 suggest Nvidia will trade within the range of $165.39 and $214.35, indicating potential for significant further gains through the end of 2025.
In the near term, the expected move through the next of next week is 3.59%, with a projected range of $183 to $196.
Given Nvidia’s recent momentum, including its $100 billion partnership with OpenAI and a string of AI infrastructure milestones, the upper bound sure looks more likely to materialize.
In short, investors are increasingly pricing in further gains as NVDA shares cement their role as the backbone of next-gen computing.
Wall Street analysts agree with the bullish signal embedded in the options data as well.