Nvidia executives say production of the company's next-generation artificial intelligence processors, called Blackwell, is progressing on schedule and that the product is sold out for the next 12 months. Meanwhile, Nvidia stock is nearing a buy point.
Nvidia Chief Executive Jensen Huang and members of his management team provided the reassuring guidance in meetings with investment bank Morgan Stanley.
The commentary highlighted the magnitude and length of the accelerated computing runway, Morgan Stanley analyst Joseph Moore said in a client note Thursday.
"Every indication from management is that we are still early in a long-term AI investment cycle," he said. "The clear view continues to be that we are set up for an exceptionally strong 2025."
Moore reiterated his overweight, or buy, rating on Nvidia stock with a price target of 150. Further, NVDA stock is his top pick among semiconductor companies.
On the stock market today, Nvidia stock advanced 1.6% to close at 134.81.
Nvidia Stock Is Near Buy Point
NVDA stock is approaching a buy point of 140.76 out of a 17-week consolidation pattern, according to IBD MarketSurge charts.
Elsewhere on Wall Street, Evercore ISI analyst Mark Lipacis maintained his outperform rating on Nvidia stock with a price target of 150.
In a client note, Lipacis said he had positive takeaways from Nvidia's AI Summit in Washington, D.C., this week.
At the event, Nvidia said eight partners are currently bringing Blackwell systems to market. The company also said it is on target to reach volume production in the fourth quarter, Lipacis said.
In a keynote presentation at the Nvidia AI Summit on Tuesday, Bob Pette, Nvidia's vice president and general manager of enterprise platforms, highlighted how Nvidia accelerated computing is transforming industries like health care, cybersecurity and manufacturing.
Nvidia stock is on six IBD lists: Leaderboard, SwingTrader, IBD 50, IBD Sector Leaders, Stock Spotlight and Tech Leaders.
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