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Gains in semiconductor company Nvidia Corp. (NVDA) - Get Free Report  inspired a rally across chipmakers, though the rest of the tech sector sat it out. 

Nvidia reached an all-time high earlier on Monday, Sept. 18, and inspired gains in fellow chipmakers after a bullish note from Bank of America analyst Vivek Arya. Arya raised the firm's price target to $210, up from $185. The new price target implies a 17% upside to the stock's closing price on Friday, Sept. 15. 

In a note, Arya said Nvidia has an "underappreciated transformation from a traditional PC graphics-chip vendor into a supplier into high-end gaming, enterprise graphics, cloud, accelerated computing and automotive markets." Arya is also confident Nvidia can dominate the emerging $30 billion artificial-intelligence chip market. 

Other chipmakers including Micron Technology Inc. (MU) - Get Free Report , Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) - Get Free Report , Analog Devices Inc. (ADI) - Get Free Report , Semiconductor Manufacturing International (SMI) , and Texas Instruments Inc. (TXN) - Get Free Report  were also higher.

Nvidia is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells NVDA? Learn more now.

In the broader tech space, Microsoft Corp. (MSFT) - Get Free Report , Cisco Systems Inc. (CSCO) - Get Free Report , SAP SE (SAP) - Get Free Report , and Accenture PLC (ACN) - Get Free Report  were narrowly mixed, while the Technology Select Sector SPDR ETF (XLK) - Get Free Report  dipped 0.2%. 

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