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 Micron Technology, Inc. (MU) Report , Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) - Get Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR Report , Analog Devices Inc. (ADI) - Get Analog Devices, Inc. Report , Semiconductor Manufacturing International (SMI) , and Texas Instruments Inc. (TXN) - Get Texas Instruments Incorporated Report were also higher.
In the broader tech space, Microsoft Corp. (MSFT) - Get Microsoft Corporation (MSFT) Report , Cisco Systems Inc. (CSCO) - Get Cisco Systems, Inc. Report , SAP SE (SAP) - Get SAP SE Sponsored ADR Report , and Accenture PLC (ACN) - Get Accenture Plc Class A Report were narrowly mixed, while the Technology Select Sector SPDR ETF (XLK) - Get Technology Select Sector SPDR Fund Report dipped 0.2%.
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