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Mizuho's bullish outlook sees NVIDIA stock hitting $170 by March, thanks to record-breaking AI earnings and robust data center growth. Analysts expect optimistic updates at CES in January and major momentum heading into the GPU Technology Conference.
NVIDIA's Upbeat CES Presentation to Boost Stock
According to Mizuho tech desk sector strategist Jordan Klein, NVIDIA's management will give investors a very upbeat presentation at the upcoming CES in early January, which bodes well for the stock price, Investing.com reports.
Before the GPU Technology Conference (GTC) in March and the introduction of NVIDIA's new product, Rubin, the research firm, predicts that NVIDIA's stock might reach the $160-170 level. The solid financial performance and strategic placement of NVIDIA inside the expanding artificial intelligence market lend credence to this prediction.
On Wednesday, the share price of Nvidia was $139.31 at the end of trading.
Just a few weeks ago, Nvidia revealed record-breaking revenue for the third quarter ending October 27, indicating a strong performance that could lead to new all-time highs for the company.
Record-Breaking Earnings Fuel Optimism
The Santa Clara, California-based computer behemoth announced quarterly sales of $35.1 billion, up a whopping 94% year-over-year and 17% from the prior quarter.
A record $30.8 billion was brought in by the company's data centers, marking a significant increase of 17% from the previous quarter and an impressive 112% over the same period last year.
At the time, Jensen Huang, the Chief Executive Officer of NVIDIA, stressed the rapid advancement of artificial intelligence technology and the worldwide shift toward NVIDIA's computing solutions.
AI Demand and New Products Drive Growth
Both Hopper and Blackwell are in full production and are important drivers for the company. They help foundation model developers with scaling in pretraining, post-training, and inference, and he underlined how high demand for Hopper is and how anticipated Blackwell is.
