It’s a good time to be chip stock Nvidia (NASDAQ:NVDA) or at least one of its investors. It’s just announced a new plan, and investors are afire for the idea, sending shares up nearly 6% in the closing minutes of Monday afternoon’s trading session. While much has been made of Nvidia’s plans to get the Chinese market back up and running, another plan more quietly stepped up: the home market.
Nvidia is rapidly working on a new line of chips geared toward the regular consumer end-user, allowing artificial intelligence (AI) to be brought directly to the home. Whether it’s playing games, altering backgrounds for video calling, or even making your own images, the new line of chips will help work that out. The idea of widespread AI use is both exhilarating and terrifying and promises to destabilize a wide range of markets in the process.
What is NVDA’s Price Target?
Turning to Wall Street, analysts have a Strong Buy consensus rating on NVDA stock based on 32 Buys and four Holds assigned in the past three months, as indicated by the graphic below. After a 232.46% rally in its share price over the past year, analysts have an average NVDA price target of $662 per share, which implies 26.88% upside potential.
