Angelica Ballesteros
1 min read
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We recently published These 10 Companies are in Beast Mode. NVIDIA Corporation (NASDAQ:NVDA) is one of the Wednesday’s top performers.
NVIDIA Corp. saw its share prices rally to a new all-time high on Wednesday after earning a whopping $250 price target from an investment firm.
At intraday trading, NVIDIA Corporation (NASDAQ:NVDA) jumped to its highest price of $154.45 before paring gains to end the day at $154.31 after Loop Capital raised its price target by 47 percent to $250 from $170 previously, while maintaining a “buy” recommendation on its stock.
According to Loop Capital, the “math just works” for NVIDIA Corporation (NASDAQ:NVDA), adding that the market is entering the next golden wave of generative AI.
A close-up of a colorful high-end graphics card being plugged in to a gaming computer.
Additionally, growth prospects are further supported by an expected higher spending on generative AI by hyperscalers, namely Amazon, Microsoft, and Google, which could hit $2 trillion by 2028.
If NVIDIA Corporation (NASDAQ:NVDA) maintains its leadership in supplying AI chips and systems, Loop Capital expects the company to nearly double its market capitalization to $6 trillion from $3.6 trillion currently.
While we acknowledge the potential of NVDA as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
