Nvidia hits record high as stock surge nears 120% this year

Nvidia Corp. rallied to a record on Thursday, in the latest example of the company extending a 2021 advance that has seen the stock more than double.

The chipmaker rose 12% in its sixth straight positive session, its longest winning streak since June. The shares have climbed more than 20% over that stretch and are up nearly 130% this year. Nvidia is by far the biggest gainer in the Philadelphia Stock Exchange Semiconductor Index, which has climbed about 33% in 2021.

Thursday’s rally came after Wells Fargo Securities raised its price target to $320 from $245, seeing a sizable opportunity related to the metaverse, a digital environment that is accessed with virtual reality tools. Analyst Aaron Rakers wrote that the metaverse could represent a $10 billion opportunity for Nvidia over the next five years, and that over the longer term, “the market opportunity could be even greater as digital assets and digital twins become significant economic drivers.”