Analyst Timothy Arcuri maintained his buy rating on the stock and raised his price target to $540 from $475.
OpenAI's viral chatbot, ChatGPT — as well as other AI models from few well-financed startups — all run on Nvidia's GPUs.
NVDA YTD mountain NVDA in 2023 Other firms have raised their outlook on Nvidia ahead of its earnings.
Wells Fargo on Tuesday raised its price target on the chipmaker to $500, citing its status as the primary beneficiary of an AI-driven architectural data center transformation.
Morgan Stanley on Monday reiterated Nvidia as a "top pick" and maintained its $500 price target, which sent the company's shares 7% higher during the day's trading session.
Persons:
Timothy Arcuri, Arcuri, ChatGPT —, Wells, Morgan Stanley, — CNBC's Michael Bloom
Organizations:
Nvidia, UBS, Lamda Labs
Locations:
Nvidia's, Wells Fargo