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GTC 2024: Will NVIDIA hit the $1,000 mark?
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Nvidia Eyes 1,000 After AI Conference, Analyst Views; Is Nvidia A Buy?

Nvidia (NVDA) inched higher on Tuesday after retaking the 900 level Wednesday last week and climbing steadily since then.

Shares rose amid the Nvidia GTC conference for AI developers last week. The weekly chart on IBD MarketSurge shows Nvidia stock has rallied for an unbroken 11-week stretch since its January breakout.

Shares are now approaching the 1,000 level. After huge runs of 239% in 2023 and more than 90% so far this year, is Nvidia stock a buy?

Chief Executive Jensen Huang discussed the artificial intelligence leader's new chip, Blackwell, at the company's recent AI developer conference. The new AI chip will accelerate computing and will be available through several Nvidia partners later in the year.

After the conference, UBS analyst Timothy Arcuri increased Nvidia's target price to 1,100 from 800 while maintaining a buy rating. $NVIDIA(NVDA.US)$ $Direxion Daily Semiconductor Bull 3x Shares ETF(SOXL.US)$
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