Nvidia (NVDA) is trading at record levels on Wednesday as the stock continues its strong rebound since May’s earnings report. The leading Chipmaker is up 3% in the last 24 hours and 12% in the last month, beating out fearful drops in April. May’s earnings report featured revenue that beat Wall Street’s expectations. Further, the report showed the company continues to thrive despite a new export ban on sales of its chips to China.
As a result of the climb, several analysts are updating their price forecasts for NVDA higher. Loop Capital analyst Ananda Baruah on Wednesday raised his price target on Nvidia stock to $250, the highest of Wall Street analysts tracked by Yahoo Finance. The new price target suggests Nvidia’s market cap could soar to $6 trillion from its current $3.6 trillion level. “While it may seem fantastic that NVDA fundamentals can continue to amplify from current levels, we remind folks that NVDA remains essentially a monopoly for critical tech, and that it has pricing (and margin) power,” Baruah wrote in a note to investors.
Nvidia (NVDA) has seen incredible growth over the last few years. NVIDIA reported record revenue of $44.1 billion for its fiscal first quarter ending on Apr. 27, 2025. The figure represents a 69% increase year-over-year. The company’s stock price increased in tandem with the rise in AI use. GPUs such as the A100 and H100 are central players in the world of artificial intelligence. The world’s dependence on AI is likely to increase over the coming years. Nvidia has positioned itself at the heart of the AI movement.
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Over the past week, other chip stocks have also climbed, including AMD and Intel (INTC). Furthermore, the Nasdaq 100 (^NDX) also hit a new record close on Tuesday, while the Nasdaq Composite (^IXIC) notched its highest levels since February. Tech stocks have roared back in June, with chipmakers seeing some of the best gains for investors.
As a result, price predictions for these stocks are also rising. Last week, Barclays analyst Tom O’Malley increased Nvidia’s (NVDA) stock price target from $170 to $200. The figure represents a 17.65% increase from the analyst’s previous forecast. The analyst believes there will be a $2 billion upside for NVDA in July 2025, and its growing share price now reflects promise.
