NVIDIA Hits Near $2.2T Cap as AI Chip Demand Fuels Surge

April 17, 2024
NVIDIA Hits Near $2.2T Cap as AI Chip Demand Fuels Surge
  • NVIDIA Corp's stock price increased by 1.1%, reaching a high of $879.00 and closing at $869.27.

  • The company's market cap is nearly $2.2 trillion.

  • Wall Street analysts rated NVIDIA as a 'Moderate Buy' with an average target price of $940.30.

  • Evercore ISI initiated coverage on NVIDIA with an 'outperform' rating and a price target of $1,160.00.

  • Demand for AI-related GPUs, especially from Nvidia, has driven a surge in semiconductor stocks.

  • While non-AI chip demand is recovering, industrial and automotive chip sectors face uncertainty.

  • The semiconductor industry is considered slightly overvalued, with digital chipmakers seen as particularly pricey.

  • Morningstar recommends undervalued semiconductor stocks like Infineon Technologies, STMicroelectronics, and Skyworks Solutions, focusing on the analog and mixed-signal chip sectors.

Summary based on 46 sources

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