NVIDIA surpasses $3.5 trillion market cap, expected to continue upward trajectory

From Zacks Investment Research: 2024-10-22 16:06:23

NVIDIA Corporation (NVDA) has achieved a market capitalization milestone surpassing $3.5 trillion, with shares rising above Apple Inc. NVIDIA’s success can be attributed to the soaring demand for its Blackwell B200 chips, strong data center business, and dominance in the GPU market. With the Federal Reserve’s interest rate cuts acting as a tailwind, NVIDIA’s shares are expected to continue their upward trajectory. Brokers have raised the average short-term price target for NVIDIA stock, making it a compelling buy. Bank of America and CFRA analysts have also increased the chip giant’s short-term price targets. Trading above moving averages, the stock is currently a good investment opportunity compared to industry peers.



Read more at Zacks Investment Research: NVIDIA Tops $3.5T Milestone – Good Time to Buy NVDA Stock? – October 22, 2024