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Why Nvidia Stock Surged to New Highs This Week

TheMotleyFool

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Why Nvidia Stock Surged to New Highs This Week: https://g.foolcdn.com/editorial/images/736625/ai-robot.jpg

Week to date, shares of Nvidia (NASDAQ: NVDA) were up 12% as of 12:14 p.m. ET on Friday, according to data provided by S&P Global Market Intelligence. The graphics specialist could be experiencing higher demand for artificial intelligence (AI) chips than originally thought.

After doing some scuttlebutt research, Morgan Stanley analysts named the stock a top pick, with a $500 near-term price target.

Morgan Stanley cited information from their industry contacts that suggest new customers are placing orders for AI chips at a greater pace than expected. This comes after Nvidia blew away expectations in its last earnings report by reporting a 19% sequential increase in revenue.

Source Fool.com

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