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Nvidia
stock continues to hit new milestones as Wall Street celebrates ongoing developments from the chip maker.
Nvidia
(ticker: NVDA) stock was rising 2% on Tuesday and was on pace to hit an all-time high. Tuesday was the stock’s 10th consecutive day in the green and marks its longest winning streak since December 2016, when it rose for 10 straight days, according to Dow Jones Market Data.
The stock gained after the company announced a new artificial intelligence chip on Monday: the H200 Tensor Core GPU. This chip incorporates performance improvements from its predecessor when generating answers from AI models.
Shares of
Nvidia
have soared this year as investors buy up stocks with exposure to AI. Nvidia stock is arguably the largest beneficiary of this investor excitement and has soared 239% this year, on pace for its best year since 2001.
Looking ahead, Nvidia is scheduled to report third-quarter earnings after the close on Nov. 21, and the results have the potential to push the stock to hit even more records.
“Expectations are high” for the earnings call, BofA Securities analyst Vivek Arya wrote in a research note. Vivek, who rates the stock as a Buy with a $650 price target, added that investors will be looking for Nvidia to provide color on how the restrictions the U.S. government has placed on sending AI chips to China will impact the company.
Write to Angela Palumbo at [email protected]
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