Continuing its 5.6% rally from yesterday, Nvidia (NASDAQ: NVDA) is set to open up about 3% higher at $133.73.
That’s because of two key catalysts. One, the trade war is finally cooling with China. That should remove a good deal of uncertainty from tech stocks, like Nvidia.
Two, as we noted yesterday, the company announced it would send 18,000 of its top AI chips to Saudi Arabia. “Nvidia said its first deployment will use its GB300 Blackwell chips, which are among Nvidia’s most advanced AI chips at the moment, and which were only officially announced earlier this year,” as noted by CNBC.
$150 is Next for the Tech Giant
Analysts at Bank of America just raised their price target on NVDA to $160 a share with a buy rating. All thanks to a cooling trade war, the latest deal with the Saudis, and earnings.
In its most recent quarter, NVDA’s EPS of 89 cents beat by four cents. Revenue of $39.33 billion, up 78% year over year, beat by $1.17 billion.
“We’ve successfully ramped up the massive-scale production of Blackwell AI supercomputers, achieving billions of dollars in sales in its first quarter. AI is advancing at light speed as agentic AI and physical AI set the stage for the next wave of AI to revolutionize the largest industries,” said founder and CEO Jensen Huang, as quoted in a company press release.
Moving forward, the company expects to see first-quarter revenue of $43 billion, as compared to estimates for $42.05 billion.
Additionally, analysts at Wedbush say, “We believe the market opportunity in Saudi Arabia could over time add another $1 trillion to the broader global AI market in the coming years and this dynamic is not being priced into the market and tech names in our view”.
The post Nvidia (NASDAQ: NVDA) Futures are Pointing to a Big Open on May 14 appeared first on 24/7 Wall St..
