Chipmaker NVIDIA (NASDAQ:NVDA) has struck a major AI deal in the Middle East. The company has agreed to deploy its AI technology across data centers owned by Ooredoo, a leading telecom company in Qatar. This marks NVIDIA’s first large-scale launch in the region.
NVIDIA’s Middle East Foray Seems Promising
It will make Ooredoo the first company in the region able to give clients of its data centers in Qatar, Algeria, Tunisia, Oman, Kuwait, and the Maldives direct access to Nvidia’s AI and graphics processing technology, Ooredoo said in a statement. The financial details of the deal, however, remain undisclosed.
Is the NVDA Stock Rally Losing Steam?
NVIDIA’s share price has surged by over 200% in the past year. However, signs of resistance are emerging, as the stock has corrected nearly 9% in the past week and is down a further 3% in the premarket session today.
Despite this, analysts remain bullish on NVIDIA. Of the 41 analysts tracking the stock, 38 have a Buy rating. Most recently, Melius Research’s Ben Reitzes reiterated a Buy rating on NVIDIA and raised his price target to $160 from $125, indicating a potential upside of nearly 26.4%.
What Is the Target Price for NVDA?
Overall, the Street has a Strong Buy consensus rating on NVIDIA. However, the average NVDA price target of $132.88 implies a more modest 5% potential upside.
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