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Nvidia Stock Is Surging. Its Stellar Earnings Cleared Up These Concerns.

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Analysts have been upgrading price targets for the chip maker's shares following its impressive report.

Nvidia shares were surging Thursday as analysts welcomed results showing the artificial-intelligence boom is powering its growth. It also relieved concerns about supply constraints and how far demand is being driven by Chinese customers.

“With visibility extending into ’24, [Nvidia] management has qualified additional suppliers…and expects to increase supply each quarter through next year to meet demand,” KeyBanc analyst John Vinh wrote in a research note. “We expect shares to continue to re-rate higher as Nvidia delivers on [the] AI story…vidia remains the purest scale play on AI adoption,” Oppenheimer’s Rick Schafer wrote in a research note.

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