Nvidia surges to year high after bearish HSBC analyst capitulates

Nvidia’s stock jumped to its highest in a year on Tuesday, extending a recent rebound after HSBC flipped its recommendation on the graphics chipmaker to “buy” from “reduce,” pointing to opportunities in artificial intelligence.

HSBC Head of Technology Research Frank Lee had been the only one among 48 analysts covering Nvdia to have a negative rating on the chipmaker, according to Refinitiv data.