Nvidia shares continued to edge higher Friday, up 0.8% to $156.31 in early trade, building on a powerful run that has seen the stock surge more than 60% since early April.
The NVDA stock hit a new all-time high of $157 on Friday. The company’s market cap currently stands at around $3.80 trillion.
The advance places Nvidia on track for a fifth consecutive daily gain and follows its historic move this week to surpass Microsoft as the world’s most valuable company.
The chipmaker’s recent momentum has been fueled by a combination of easing macroeconomic concerns, a ceasefire in the Middle East, and renewed investor focus on artificial intelligence and advanced computing.
Other semiconductor names also rallied, with AMD rising 12% on the week, Broadcom up 8%, and Marvell gaining 9%.
What is fueling Nvidia’s record run
Nvidia had slumped earlier this year after President Donald Trump’s sweeping tariffs rattled global markets.
A 90-day pause on the tariff rollout and hopes for trade deals have since helped stabilize sentiment, allowing risk appetite to return.
The ceasefire between Israel and Iran has further calmed markets, removing a key overhang that had driven investors toward safer assets in recent weeks.
The rebound in the tech sector has coincided with growing conviction that AI spending is set to accelerate.
At Nvidia’s annual shareholder meeting Wednesday, CEO Jensen Huang said beyond AI, robotics represents the company’s next major growth market.
He identified autonomous vehicles as the likely first commercial application to scale.
“We have many growth opportunities across our company, with AI and robotics the two largest, representing a multitrillion-dollar growth opportunity,” Huang said.
The combined automotive and robotics business generated $567 million in the most recent quarter, a 72% year-on-year jump, but still just about 1% of Nvidia’s total sales.
Meanwhile, data center GPU demand continues to power overall revenue.
Analysts expect Nvidia’s sales to approach $200 billion this fiscal year, up from $130.5 billion last year and $27 billion in fiscal 2023.
Wall Street analysts remain strongly bullish on NVDA stock
Loop Capital raised its price target on Nvidia from $175 to $250 on Wednesday, citing a surge in capital expenditures by cloud providers and major tech firms on hardware tailored for generative AI workloads.
In a client note, analyst John Donovan highlighted that GPUs and custom AI accelerators are capturing a growing share of compute infrastructure, a trend that could significantly reshape global IT spending.
Loop Capital estimates spending on non-CPU hardware could climb to $2 trillion by 2028, representing up to 60% of global compute capacity, up sharply from the current 15%.
Given Nvidia’s dominant position in GPU production, the firm suggested the company could potentially reach a $6 trillion market capitalization if it meets its long-term earnings targets.
Earlier in the month, Barclays analyst Thomas O’Malley raised his price target on Nvidia from $170 to $200 while maintaining an “Overweight” rating.
Barclays now expects Nvidia to post revenue of $42 billion in the third calendar quarter and $48 billion in the fourth—above consensus estimates of roughly $40.8 billion and $46.2 billion, respectively.
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