Nvidia’s stock climbed 2.17% to $206.88 after a wave of new AI announcements lifted investor optimism. The chipmaker remains at the heart of the AI boom, with two new deals highlighting strong demand for its GPUs.
New Nvidia deals announced on Monday include IREN’s plan to use its GPUs at a Texas facility and Amazon Web Services’ cloud agreement with OpenAI for $38 billion in GPU access. These deals show that Nvidia is still the main chip supplier for AI systems.
Microsoft also secured US approval to export Nvidia chips to the UAE, which will support the country’s push to expand its AI capabilities. The company plans to invest $15.2 billion in the UAE by 2030, including a $1.5 billion stake in local AI firm G42.
Analysts are optimistic about Nvidia’s future, with Loop Capital Markets raising its price target from $250 to $350 and citing a “Golden Wave” of generative AI adoption. The stock has a Strong Buy consensus rating on TipRanks, implying 15% upside potential from current levels.
Source: https://www.tipranks.com/news/nvidia-stock-climbs-after-two-big-ai-deals-and-a-surprise-u-s-export-approval-boost