Nvidia Stock Climbs More Than 6% Alongside Chip Stocks Rebound
Nvidia stock (NVDA) saw an impressive 6% increase on Thursday, following a trend among other chip stocks as the tech sector led a market rebound. This positive movement comes just a day after shares of the AI chip giant fell by more than 5%.
Investors have been eager to jump on board with Nvidia, especially after the stock experienced a significant decline of over 25% from its intraday peak of around $140 in June. Wall Street analysts have shown bullish sentiment towards Nvidia, with many seeing a buying opportunity in the recent dip.
Analysts at Piper Sandler recently released a bullish note, highlighting the “tremendous opportunity” to invest in Nvidia and other chip names after the sector’s recent sell-off. Despite reports of a potential delay in Nvidia’s next-generation chip, Blackwell, analysts remain optimistic about the future of the company.
“We still sense an urgent demand across the board, and that mitigates the risk in a pause in shipments as customers wait for the next generation of chips to be available in volumes,” shared Antoine Chkaiban, a technology infrastructure analyst at New Street Research.
Chkaiban recently upgraded Nvidia’s stock to a Buy rating with a price target of $120, further fueling investor confidence in the company. Other chip stocks that rallied alongside Nvidia on Thursday include Advanced Micro Devices (AMD), Broadcom (AVGO), and Intel (INTC), all of which saw gains of over 5%.
Despite the recent volatility in chip stocks, driven by the downturn in Big Tech names, investors are optimistic about the future of the sector. Nvidia stock did experience a significant drop on Monday, along with other major tech stocks, resulting in market cap losses exceeding $650 billion. However, shares have since bounced back, showing resilience in the face of market challenges.
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