Shares of the chip company Nvidia achieved strong gains during the first month of 2024, as they continued to break records, in light of optimism about the performance of the artificial intelligence sector.
January was the best month ever for Nvidia in terms of stock performance, as its market value rose by 296.5 billion to $1.52 trillion. These levels exceed the monthly gains achieved in May last year, when the market value of the stock rose to $248.2 billion.
The stock received positive data last month, after the company revealed a new graphics processing unit for the desktop, and developments at the level of components and programs related to artificial intelligence.
Nvidia comes in sixth place on the list of the largest companies in the world in terms of market value, as the stock continues to rise to record levels this February.
Yesterday, Bank of America raised the target price for Nvidia stock from $700 to $800, expecting it to rise 23% from current levels.
Wall Street forecasts indicate that the company will announce revenues exceeding Wall Street expectations when it discloses its quarterly business results later this month.
Bank of America noted that Nvidia dominates the GPU market responsible for most AI technologies.
The stock's gains came at the highest level ever yesterday, Friday, amid the rise in the technology sector on Wall Street in light of companies achieving strong performance for the last quarter of 2023.
