Shares of Nvidia Corp. are on track for their largest single-day percentage gain in nearly 19 months as optimism builds for the company's annual GTC...
Shares of Nvidia Corp. are on track for their largest single-day percentage gain in nearly 19 months as optimism builds for the company’s annual GTC developer conference that could highlight opportunities within the hot “metaverse” theme.
Nvidia’s stock NVDA, +15.27% is up 8.6% in Thursday trading, putting the company on pace to close with a market capitalization above $700 billion for the first time, according to Dow Jones Market Data. Its current stock price implies a $722 billion valuation. Earlier this week, Nvidia became the seventh-largest U.S. company in terms of market capitalization as it passed Warren Buffett’s Berkshire Hathaway Inc. BRK.A, -1.07% BRK.B, -1.05%
Nvidia is set to kick off its GTC conference Nov. 8, which is expected to focus on various issues around artificial intelligence. Wells Fargo analyst Aaron Rakers wrote late Wednesday that Nvidia is likely to announce the general availability of its Omniverse Enterprise offering during the conference as it looks to capitalize on opportunities in the “metaverse.”Facebook-parent Meta Platforms Inc. FB, +1.
Rakers boosted his price target on Nvidia shares to $320 from $245 in his late-Wednesday note to clients. Rakers is one of just two analysts tracked by FactSet to hold a price target above $300 on Nvidia’s stock.
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