Nvidia Corp. shares rallied Monday after one analyst confirmed that the graphics processing unit maker is his “top pick” among companies expected to benefit from artificial intelligence, and that a recent selloff makes for a good buying opportunity.
On Monday, Morgan Stanley analyst Joseph Moore, who has an overweight rating on Nvidia NVDA and a $500 price target, said the stock remains his favored play heading into earnings, with the company due to report its results on Aug. 23 after the close of markets. Read: George Soros loads up on AI chip makers Nvidia and AMD while selling Salesforce and Snowflake shares
Read: Nvidia stock soars toward all-time high as record revenue forecast backed by ‘killer app’ of AI Read: Will AI do to Nvidia what the dot-com boom did to Sun Microsystems? Analysts compare current hype to past ones.