Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Investors Business Daily
Investors Business Daily
Technology
PATRICK SEITZ

Nvidia, Super Micro Score Price-Target Hikes Ahead Of 'AI Woodstock'

A Wall Street firm on Wednesday raised its price targets on Nvidia stock and Super Micro Computer ahead of Nvidia's GTC conference for AI developers next week.

BofA Securities analyst Vivek Arya said news from the Nvidia GTC show, which he called "AI Woodstock," could be a catalyst for Nvidia stock. He reiterated his buy rating on the graphics-chip maker and raised his price target to 1,100 from 925.

On the stock market today, Nvidia stock fell 1.1% to close at 908.88. However, year to date, Nvidia is still up nearly 84%.

Nvidia Chief Executive Jensen Huang will kick off the four-day GTC conference and expo late Monday with a keynote presentation. GTC is taking place in San Jose, Calif.

In a client note, Arya said he expects Nvidia to showcase its extensive product pipeline across AI accelerators, Ethernet switches, data center hardware, PC gear, software and services.

Nvidia also is likely to tout the opportunity to re-architect $1 trillion to $2 trillion of global computing infrastructure with accelerators. That could result in an annual market opportunity of $250 billion to $500 billion over the next three to five years, Arya said.

Super Micro 'Well Positioned' In AI Servers

Elsewhere at BofA Securities, analyst Ruplu Bhattacharya hiked his price target on data center computer maker Super Micro Computer to 1,280 from 1,040. He kept his buy rating on Super Micro stock.

On Wednesday, Super Micro stock advanced 2.2% to close at 1,188.07.

Super Micro "is well positioned to benefit from a growing AI server market," Bhattacharya said in a client note. "The company is putting in capacity to support strong demand and revenue growth."

He expects industry sales of artificial intelligence servers to grow from about $39 billion in 2023 to about $200 billion in 2027.

Nvidia Stock Is On 5 IBD Lists

Super Micro will benefit from its close relationships with AI chipmakers including Nvidia, AMD and Intel, he said.

Nvidia stock is on five IBD stock lists: IBD 50, Big Cap 20, Sector Leaders, Leaderboard and Tech Leaders.

Super Micro stock is on two IBD lists: Big Cap 20 and Tech Leaders.

Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.