Nvidia stock rides the 'iPhone moment of AI' to add $87 billion in market cap through the banking crisis
. Earlier in March, equity volatility saw the biggest weekly jump in over a year, while the bond-market equivalent hit all-time highs.Despite the turmoil, the share price ofhas barely budged from the upward trajectory it set at the start of the year. The Santa Clara, California-based chipmaker's stock has surged more than 81% so far in 2023, boosting its market capitalization by $294 billion. It's the top performer on the S&P 500 index this year.
Morgan Stanley's analyst Joseph Moore upgraded Nvidia's stock last week to"overweight" and lifted the price target to $304 from $255 previously, according to data compiled by Benzinga. The shares traded at $264.68 apiece at Wednesday's close.The rally has been driven chiefly by investor perception that Nvidia is well positioned to take advantage of the ongoing boom in artificial intelligence technologies. The company is the No.
AI technologies have captured popular imagination in recent months, following the huge hype surrounding the human-like language capabilities of OpenAI's chatbot ChatGPT. Global tech behemoths from Google to China's Baidu are now readying their own answers to ChatGPT.
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