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Home News

Nvidia Corp. Shares Set to Break Record Close

by Myfxtools
November 14, 2023
in News
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Nvidia Corp. is experiencing a continued surge in its shares, with a new record close on the horizon. As of Tuesday’s opening, the company’s shares (NVDA, +1.63%) had risen by 1.8%, reaching $495.01. This upward trend puts the stock on track to surpass its previous all-time closing high of $493.55, achieved on August 31.

Additionally, Nvidia is poised to achieve its longest winning streak in ten sessions, a feat not seen since December 27, 2016, according to Dow Jones Market Data.

Analysts Evaluate New Nvidia Chip

On Monday, BofA Securities analyst, Vivek Arya, provided a positive assessment of Nvidia’s recently announced H200 chip designed for artificial intelligence workloads. Arya noted that the H200 chip is fully compatible with its predecessor, H100 installations, allowing for a faster time to market.

Furthermore, Arya emphasized the significance of this compatibility, as it enables hyperscalers to avoid investing in the reconfiguration of their existing hardware platforms. This incentive should encourage customers to maintain their partnership with Nvidia.

Arya praised the ease of upgrading as a valuable addition to Nvidia’s competitive portfolio. He reiterated his buy rating and set a $650 price objective on the company’s stock.

Anticipation for Third-Quarter Earnings Report

Investors are eagerly awaiting Nvidia’s fiscal third-quarter earnings report, which is due after the close of trading on November 21. Despite high expectations surrounding the report, Arya forecasts yet another quarter of surpassing expectations from Nvidia.

Arya will pay close attention to any commentary on the impact of new restrictions in China and any competitive concerns arising from Advanced Micro Devices Inc.’s (AMD, +3.33%) MI300 product.

In order to dispel the notion that Nvidia’s products are too expensive for generative AI inference, Arya believes that Nvidia must forcefully counter this narrative.

Conclusion

Nvidia’s shares are soaring and are expected to reach a new record close. The positive evaluation of the company’s H200 chip by BofA Securities analyst Vivek Arya has further contributed to the optimistic outlook for Nvidia. With the upcoming earnings report, investors eagerly anticipate another strong quarter from the company.

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