Nvidia eyes fresh record as Goldman Sachs bullish on AI prospects

Nvidia’s shares were set to scale a new peak on Monday after Goldman Sachs raised its price target for the high-flying chipmaker’s stock in anticipation of a major boost to its earnings from the artificial intelligence (AI) boom.

The stock rose 3.4% to $683.80 in premarket trading and looked set to add about $55 billion to the company’s market capitalization. It was valued at $1.63 trillion as of Friday’s close.

Nvidia has emerged as a poster child of the AI frenzy and saw a record monthly jump in its market value in January.