Nvidia (NVDA) stock climbed nearly 2% early Thursday morning amid a nod from Wall Street and positive industry signals.
Cantor analyst C.J. Muse raised his price target on Nvidia to $300 a share from $240 — a new call high on Wall Street — citing what he sees as growing AI demand.
“We are still in the early innings of a multi-trillion AI Infrastructure build-out with just the Hyperscalers providing significant line-of-sight into hundreds of billions of demand for the next handful of years,” he wrote.
Muse’s view highlights the bull side of the AI bubble debate, which sees Big Tech as justifiably rushing to build data centers to meet unprecedented AI demand.
“Thus, this is not a bubble, and we are still in the early innings of this investment cycle,” Muse wrote.
Meanwhile, bears question whether demand is as strong as those companies say and point to concerns over circularity in the AI market.
In other Nvidia news, the US granted approval for exports of billions of dollars’ worth of the AI giant’s chips to the United Arab Emirates, Bloomberg reported. The move follows the announcement of a large AI infrastructure project called Stargate UAE during President Trump’s visit to the country earlier this year.
Meanwhile, Nvidia’s contract chipmaker Taiwan Semiconductor Manufacturing Company (TSM) posted third quarter revenue that topped expectations.