Dear Nvidia Stock Fans, Mark Your Calendars for July 16
Nvidia (NVDA) will reportedly attend the China International Supply Chain Expo from July 16 to July 20 – marking its first-ever appearance at the event in Beijing.
Other than Nvidia, more than 230 local and foreign companies are scheduled to participate in that supply chain expo this year, according to the Chinese state broadcaster CCTV.
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At the time of writing, Nvidia stock is up more than 60% versus its year-to-date low in early April.
Nvidia's debut at the international supply chain event is meaningful for its investors since it signals China remains a priority for the AI behemoth despite the nation's ongoing tensions with the U.S.
While the expo is not particularly popular as a platform where sizable deals are announced, it will, nonetheless, bring more visibility to NVDA in one of its key markets.
Investors could read this news as positive given China remains vital for Nvidia's long-term growth. In 2024, it contributed $10.31 billion or nearly 17% to the chipmaker's overall revenue.
Note that Nvidia shares are down only 5.8% versus their all-time high at writing.
While the semiconductor stock has already delivered exceptional gains over the past two months, Oppenheimer continues to recommend owning NVDA shares on rising demand for sovereign AI.
The investment firm reiterated its $175 price target on Nvidia stock in a research report this week, estimating the total addressable market for global sovereign artificial intelligence could be worth $1.5 trillion.
Oppenheimer's bullish note on the AI stock arrives shortly after NVDA secured a few high-profile strategic partnerships, including with Deutsche Telekom (DTEGY) and Mistral AI, during its chief executive Jensen Huang's tour of Europe.
Oppenheimer's positive view on Nvidia shares is in line with the rest of the Wall Street firms.
According to Barchart, the consensus rating on the chipmaker based out of Santa Clara, California currently sits at 'Strong Buy' with the mean target of about $174 indicating potential upside of more than 20% from current levels.
On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
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