Nvidia Stock (NVDA) Hits Record High as Broader Market Rallies
Nvidia's (NVDA) stock has hit a new all-time high of $154.45 on June 25 amid a broader rally in the market.
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NVDA stock was up 4% in afternoon trading and on pace for a record close for the first time since January of this year. The rise in Nvidia's share price comes as the broader stock market rallies, with the benchmark S&P 500 less than 1% from a new all-time high.
Investors appear to be shaking off concerns that Nvidia's leadership in artificial intelligence (AI) microchips won't be hurt by U.S. export controls to China. With its share price at a new all-time high, Nvidia now has a market capitalization of $3.8 trillion, making it the largest publicly traded company in the world, ahead of Microsoft (MSFT) and Apple (AAPL), which occupy second and third place.
China Issues
While investors remain bullish on NVDA stock, the company's China issues do remain. Earlier this year, the U.S. government issued new rules that limit the sale of Nvidia's H20 AI processor into China. Nvidia's management team said on their most recent earnings call that China restrictions cost the company $8 billion in lost sales.
Going forward, Nvidia has said that it is no longer counting on any sales from China. 'The $50 billion China market is effectively closed to U.S. industry,' Nvidia CEO Jensen Huang said in May of this year. NVDA stock is at an all-time high as the company holds its annual shareholder meeting on June 25.
Is NVDA Stock a Buy?
The stock of Nvidia has a consensus Strong Buy rating among 40 Wall Street analysts. That rating is based on 35 Buy, four Hold, and one Sell recommendations assigned in the last three months. The average NVDA price target of $173.19 implies 20.13% upside from current levels.
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