Nvidia Corporation (NVDA), the leading American multinational technology company, has once again shattered records by reaching new all-time highs in afterhours trading. This remarkable achievement comes as no surprise, given Nvidia's consistent track record of innovation and success in the semiconductor industry.
The surge in Nvidia's stock price can be attributed to several factors. Firstly, the company's strong financial performance and impressive revenue growth have instilled confidence among investors. With a market capitalization of over $500 billion, Nvidia has firmly established itself as a dominant player in the tech sector.
On the stock market today, Nvidia stock rose 4.8% to close at 693.32. Earlier in the session, it notched a record high 694.97.
In a client note, Hari said Nvidia will benefit from "robust AI server demand and improving GPU (graphics processing unit) supply."
He also raised his Nvidia earnings estimates for fiscal 2025 and 2026. Nvidia's fiscal 2024 ended on Jan. 28.
Dow Jones as bets on an interest rate cut in March dimmed even further. The Dow Jones lost 0.7%, while the S&P 500 receded 0.3%. The NASDAQ Composite lost 0.2%.
The market's negativity was due to the ISM Services Purchasing Managers Index (PMI) for January, which arrived much hotter than expected. The index showed expansion in the services sector at 53.4, well above the 52.0 consensus or the 50.5 reading from December.
Goldman analysts also raised their fiscal 2025 and 2026 estimates for Nvidia's non-GAAP earnings per share by 22% on average to reflect "recent industry data points indicative of robust AI server demand and improving GPU supply."
"We no longer assume a drop off in Data Center revenue in 2HCY24 and instead model consistent growth through 1HCY25 driven by continued spending on Gen AI infrastructure by the large cloud service providers, a broadening customer profile, and multiple new product cycles," the analysts wrote.
"We believe Nvidia will remain the industry gold standard for the foreseeable future given its robust hardware and software offerings, and the pace at which it continues to innovate," Hari wrote.
Nvidia shares rose 3% in early Monday trading, against a 0.68% decline for the Nasdaq, and were last seen changing hands around $682. 
The stock hit an all-time high of $694.97 earlier in the session. The shares have risen more than 42% since the start of the year.
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