Nvidia Stock Brushes Off Upbeat Chip Developments

At least three analysts hiked their price targets on the stock

Jake Scott

Deputy Editor

Mar 19, 2024 at 10:10 AM

Semiconductor giant Nvidia Corp (NASDAQ:NVDA) unveiled a new generation of artificial intelligence (AI) chips at its first ever GTC Conference in San Jose, CA. Despite the new AI developments and three price-target hikes, NVDA was last seen 3.7% lower at $851.63.

Wells Fargo, Goldman Sachs, and Susquehanna all lifted their price objectives on the "Magnificent Seven" member, with the lattermost moving all the way up to $1,050 from $850 -- a more than 22% upside to last night's close.

In response, the tech-heavy Nasdaq Composite Index (IXIC) is more than 100 points lower this morning and sector peers like Advanced Micro Devices (AMD) have also suffered a major hit. After hitting an all-time high of $974 on March 8, NVDA took a big step back on the charts, losing 5% over the last five trading days. However, Nvidia stock is still up more than 76% in 2024, which is roughly six times the iShares Semiconductor ETF's (SOXX) year-to-date gain.

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