TipRanks analyst ranking service pinpoints Wall Street's best-performing stocks, including Nvidia & Nike
) discussed its partnerships with leading businesses to advance new artificial intelligence , simulation, and collaboration capabilities across various industries.inferred that demand for Nvidia's AI solutions strengthened in the past month, driven by the continued momentum for OpenAI's ChatGPT and large language models processing.
Rakesh expects Nvidia's DGX Cloud AI supercomputing service to drive additional sales. He also mentioned a "key win" for Nvidia in the auto space, with leading new energy vehicle company BYD expanding the use of the Nvidia Drive Orin platform to a wider range of vehicles. This, along with collaborations with other EV makers, represents a $14 billion automotive design win pipeline for Nvidia.
Calling Nvidia his top pick, Rakesh reiterated a buy rating and raised his price target to $290 from $230. He sees Nvidia as a "leader in fast-emerging generative AI training and inference as well as dominating gaming and broader AI/accelerated compute, despite near-term investor concerns over consumer and data center slowdown into 2023E."position among more than 8,000 analysts followed on TipRanks.
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