Stock Market Today: NASDAQ Rises to New Record
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NVIDIA hits $4-trillion value
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Nvidia (NASDAQ: NVDA) stock currently trades for around $155. However, Loop Capital just gave Nvidia a new price target of $250 per share. That indicates around 60% upside from today's price, but the implications of a $250-per-share stock are far greater.
Nvidia’s climb also made the chip maker briefly the world’s first company with a market value of $4 trillion. Wednesday’s milestone came barely two years after the Santa Clara, Calif.-based company, led by Chief Executive Jensen Huang, notched a $1 trillion closing valuation for the first time.
To me, Nvidia may have put AMD in a checkmate position for the time being. I think these figures reported could imply that Nvidia will remain the leader in AI data center chips and could be on its way to a new, prolonged, and sustained wave of growth.
Even with growth going strong and the future looking bright, investors might wonder if buying Nvidia now, at a new high, is a good idea. The stock trades for 35 times forward earnings estimates, higher than a few weeks ago, but lower than a peak of more than 50 just a few months ago.
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Investor's Business Daily on MSNDow Jones Futures: Nvidia Chipmaker Due; AI Plays Rubrik, Astera Labs Flash Buy SignalsDow Jones futures edged lower overnight, along with S&P 500 futures and Nasdaq futures. Nvidia chipmaker Taiwan Semiconductor ManufacturingTSM and Delta Air LinesDAL report key Q2 figures early Thursday.
If Palantir Technologies (NASDAQ: PLTR) and Nvidia (NASDAQ: NVDA) were in the stock equivalent of a boxing match, we'd have a technical knockout so far this year. Palantir has crushed Nvidia, with its shares skyrocketing close to 70%, while Nvidia's stock is up by only a single-digit percentage.
The first two factors caused Nvidia stock to fall 9.8% last week, although the overall market also had a very bad week, with the S&P 500 and Nasdaq indexes down 3.1% and 3.5%, respectively.