Nvidia Corp. shares were continuing to cruise Tuesday, pacing toward a new record close.
Shares of the company
NVDA,
were up 1.8% shortly after Tuesday’s open, changing hands at $495.01. The stock was on track to surpass its all-time closing high of $493.55, established Aug. 31.
The stock was also on pace to rack up its 10th session in a row of gains, which would make for its longest winning streak since it advanced for 10 trading days during the stretch that ended Dec. 27, 2016, according to Dow Jones Market Data.
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BofA Securities analyst Vivek Arya weighed in positively Monday on the company’s newly announced H200 chip for artificial-intelligence workloads.
“H200 is compatible with its predecessor H100 installations, enabling faster time to market,” he wrote. “We view the latter point as critical, as hyperscalers do not need to invest to reconfigure their existing hardware platform, incentivizing customers to remain key partners of [Nvidia].”
The ease of upgrading “only adds to the competitive portfolio {Nvidia] holds,” he added, while maintaining a buy rating and $650 price objective on the stock.
Nvidia is due to report fiscal third-quarter earnings after the close of trading Nov. 21. While expectations are high going into the report, Arya still expects to see another beat-and-raise quarter from Nvidia and will be watching for commentary on the impact of new China restrictions and any competitive concerns stemming from Advanced Micro Devices Inc.’s
AMD,
MI300 product.
See also: AMD just delivered a ‘revelation.’ Why some on Wall Street still have pause.
Nvidia “needs to forcefully counter the narrative its products are too expensive for generative AI inference,” he wrote.
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