Nvidia (NASDAQ: NVDA) stock is hovering in the stratosphere on the heels of a massive investment curve by companies of all sizes in artificial intelligence (AI) technology. Wall Street analysts are understandably boosting their estimates and raising their near-term price targets.

Bank of America analysts raised their price target to $500 for Nvidia, while analysts at Robert W. Baird and Wedbush are not far behind, with estimates ranging from $475 to $490. The consensus analyst estimate calls for Nvidia's revenue to increase by 58% for the current fiscal year, before slowing to 27% next year.

However, IDC projects spending on AI-centric computing systems to increase by 27% annually through 2026.

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Source Fool.com