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Nvidia stock could rise another 23%


April, 20 2023
watermark Economic news

Experts believe that shares of chipmaker Nvidia could rise by another 23% due to growing interest in artificial intelligence and, as a result, an increase in demand for specialized equipment.


Bank of America raised Nvidia's target price from $310 per share to $340 with a «recommended for purchase» rating. The bank's analysts believe that the share price may rise to a one-year high, as the boom in artificial intelligence should support demand for the equipment produced by the company.


In general, Nvidia shares have jumped by 90% since the beginning of 2023 amid interest in AI, which, in turn, is fueled by the OpenAI ChatGPT chatbot.


The new target of $340 suggests a 23% increase in the company's shares compared to Tuesday's closing price of $276.67. The stock last traded above $340 in late November 2021, when it hit $346.47.


Experts also note that the use of AI in cloud/enterprise data centers can shift computing power/value towards specialized accelerators (such as NVIDIA GPUs and specialized Broadcom/Marvell chips). And this will lead to the rejection of traditional INTEL/AMD server processors based on the x86 architecture.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.