An investor craze for artificial intelligence has powered Nvidia’s dizzying rise and pushed the stock to lofty valuations. Wall Street analysts are predicting it has more room to run.
Nvidia shares have nearly tripled in 2023, making them the best performers by far in the S&P 500. The graphics chip maker has gained more than $650 billion in market value since hitting a two-year low in October and briefly crossed the $1 trillion mark earlier this week.
Enthusiasm for Nvidia among stock pickers has only grown as investors have piled in. Of the 49 analysts surveyed by FactSet, 41 have a buy rating on the stock. That is up from 30 in October.