Nvidia (NVDA) shares rose again Monday in the wake of bullish comments from Wall Street analysts.
The stock gained 2.4% to finish at a record closing high of $138.07 and has nearly tripled in value this year, as demand for the company’s chips to support artificial intelligence (AI) has surged. Shares are just shy of their intraday high of $140.76 set in June.
Several stocks with ties to the chipmaker, including partners Arm Holdings (ARM), TSMC (TSM), and Nvidia-backed Soundhound AI (SOUN), gained Monday. The moves helped boost the tech sector, leading the S&P 500 index to a record high.
In a note to clients Sunday, Citi analysts said Nvidia is “still king” when it comes to its client base in the AI accelerator market. They said they expect chipmaker’s GPU sales to hyperscalers like Alphabet’s (GOOGL) Google and Microsoft (MSFT) will double this year.
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