Artificial intelligence chip wunderkind Nvidia Corporation (NASDAQ: NVDA) is closing in fast on the largest stocks on the market. Yes, a company in the highly cyclical semiconductor sector is now being valued at a market cap similar to those of much steadier, and usually high-margin software businesses.

One analyst suggests this situation may not be as outlandish as it looks.

On Wednesday, investment bank Susquehanna raised its price target on Nvidia stock by 36%, to $850 a share, ahead of next week's earnings report for fiscal year 2024.

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Source Fool.com