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. 

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Source Fool.com