Nvidia hits record high as Goldman Sachs boosts price target on AI prospects

Nvidia’s shares scaled 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 about 4% to $689.21 and looked set to add about $70 billion to the company’s market capitalization. Nvidia 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.