Nvidia (NASDAQ: NVDA) has taken off big time in the past year, as shares of the semiconductor bellwether have tripled during this period thanks to the huge demand for its artificial intelligence (AI) chips.

Shares of the company are now trading at around $680, which is higher than the stock's median price target of $650 for the next 12 months, as per 53 analysts covering Nvidia. However, it is also worth noting that Nvidia has a Street-high price target of $1,100, which points toward a 61% upside from current levels within the next year. But can Nvidia get close to that mark and hit a stock price of $1,000, which would be a gain of only 47%? And if it can, then how fast? Let's find out.

Major technology companies have been lining up to buy Nvidia's graphics processing units (GPUs) to train large language models (LLMs). The company's flagship H100 data center GPU is being scooped up by multiple customers ranging from Meta Platforms to Amazon to Microsoft to , creating a shortage of these chips that may take between 36 weeks and 52 weeks to deliver.

Continue reading

Source Fool.com