NVIDIA Corporation (NASDAQ:NVDA) new TensorRT Hyperscaler Platform is poised to help the company make serious waves in artificial intelligence and machine learning. That’s the assessment of Needham, which has just boosted its price target for the chipmaker as a result.
CNBC shares the firm’s take on Nvidia.
Needham believes Nvidia’s leadership in artificial intelligence hardware and software makes it uniquely positioned to usher in the next wave of computing.
Analyst Rajvindra Gill hiked his price target and earnings estimates on the chipmaker Friday, sending shares of the Santa Clara, California-based company up 1.3 percent in premarket trading.
Gill has boosted his target from $325 all the way up to $350. He provided additional insight on his enthusiasm in a note to clients.
“We see striking parallels between NVIDIA’s dominance in artificial intelligence / ML and the ‘Wintel’ platform during the era of PC computing,” he wrote, later adding: “As these neural networks get bigger in size, the use cases expand exponentially and the demand for maximum throughput and server utilization becomes even more vital.”
NVIDIA Corporation shares rose $3.68 (+1.36%) in premarket trading Friday. Year-to-date, NVDA has gained 40.48%, versus a 9.91% rise in the benchmark S&P 500 index during the same period.
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