This is reported by CNBC with reference to the opinion of a hedge fund manager who believes that AI-related demand will serve as a growth driver.
→ According to Goldman Sachs analysts, AI can increase the profits of S&P 500 companies by 30% in the next 10 years.
→ NVIDIA raises its FY2024 processor sales forecast due to demand for AI.
→ Billionaire Stanley Druckenmiller bought Nvidia and Microsoft shares in Q1 for USD 430M, betting on AI.
Meanwhile, NVDA's share price broke the psychological USD 300 mark, breaking the top of (1) March 2022. This is the average target price according to 46 analysts polled by the Wall Street Journal. They will probably have to raise their target price for NVDA stock now. By the way, none of them recommends selling the stock.
The chart shows that Nvidia's share price has risen more than 100% since the beginning of the year and is moving within an upward channel (shown in blue). The USD 290 level, which previously served as resistance, can now provide support. And if the bulls do not lose momentum, the price of NVDA shares may reach its upper limit.
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