NVIDIA Corporation (NASDAQ: NVDA) stock rebounded sharply following a recent correction amid analyst optimism on market cap growth.
NVIDIA has staged a significant rebound in its stock price after a recent correction, with prominent Wedbush Securities analyst Dan Ives suggesting that the company’s market capitalization could reach $4 trillion. This forecast places NVIDIA alongside tech behemoths Apple (NASDAQ: AAPL) and Microsoft (NASDAQ: MSFT) as one of the world’s most valuable companies.
In an interview with BNN Bloomberg, Ives referred to the recent dip in NVDA stock as a “near-term pullback,” expressing confidence in the company’s long-term growth potential.
Ives set a bullish price target of $200 for NVIDIA, underscoring his positive outlook on the company’s future. He also praised NVIDIA CEO Jensen Huang as a pivotal figure in the AI industry, highlighting his leadership and vision as crucial elements driving the company’s success.
Recently, NVDA stock experienced fluctuations, initially reaching a market cap of $3.46 trillion before undergoing a steep correction to $3.10 trillion. This volatility raised concerns about NVIDIA’s impact on the broader market, including its influence on the S&P 500 Index.
Despite market uncertainties, Ives remains bullish on NVIDIA’s long-term potential, emphasizing the increasing importance of AI technologies in driving productivity gains and market growth. Experts like economist Jeffrey Roach echoed this sentiment, dismissing concerns of an AI bubble burst and emphasizing the transformative impact of disruptive technologies like AI on various sectors.
NVIDIA Corporation (NASDAQ: NVDA) Stock Movement
On Tuesday, NVDA stock jumped 6.76%, closing at $126.09, marking a 3.73% decrease for the week. The trading volume was 425,787,456 shares, lower than the average daily volume of 440.77 million.
