Nvidia stock price hits fresh record high as analyst sees ‘golden wave' of Gen AI adoption
Shares of Nvidia Corp (Nasdaq: NVDA) reached a new record high on Thursday in premarket trading.
As of the time of writing, the stock had peaked at $156.99 before slightly sliding to $156.68. The uptick follows Wednesday's all-time high closing price of $154.31, which rose to $154.59 in after-hours trading.
DeepSeek and tariffs worried investors earlier this year
Nvidia has been a de facto representative of AI investment in the market. It reached a high of $153.13 in early January, but its shares soon tumbled alongside China's success with AI company DeepSeek and uncertainty around tariffs. DeepSeek used Nvidia chips to build its AI systems despite the United States banning their sale to China.
The stock hit a low of $86.62 on April 7, just five days after President Trump's 'Liberation Day,' on which he announced a series of tariffs worldwide.
But now, at nearly double that price, it has recovered its losses—and signaled a renewed investment in AI. However, it comes as the dollar hits a three-year low after reports that Trump will move up his selection of a new Federal Reserve chair, the Wall Street Journal reports.
What's fueling Nvidia's recent rally?
The chipmaker's current ascension was fueled in part by Loop Capital's decision yesterday to raise its price target from $175 to $250. 'Our work suggests we are entering the next 'Golden Wave' of Gen AI adoption, and NVDA is at the front-end of another material leg of stronger than anticipated demand,' Loop Capital analyst Ananda Baruah stated in a client note, according to Reuters.
Helped along by Nvidia's 4% rise on Wednesday, the Nasdaq composite also neared its record high with a 0.3% increase.
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