Highflying Artificial Intelligence Chip Play Seen Flying Even Higher

Highflying chip stock Nvidia (NVDA) received a bullish report on Monday from investment bank Canaccord Genuity for its booming data-center processor business. XAutoplay: On | OffCanaccord analyst Matthew Ramsay reiterated his buy rating on Nvidia and raised his price target on the stock to 180 from 155. Nvidia shares were down 1%, near 166.30, in afternoon trading on the stock market today. Nvidia hit an all-time high of 169.30 on Friday. Nvidia has diversified from graphics processors for PCs and gaming consoles into high-end computing processors for data centers, artificial intelligence, machine learning and self-driving cars. “Our overall bullish thesis on GPU (graphics processing unit) computing continues to accelerate (particularly data center) and we believe Nvidia’s emergence as a platform computing company (of which gaming is just one important piece) is now cemented,” Ramsay said in a note to clients. IBD’S TAKE: Nvidia is one of eight chip industry companies on the IBD 50 list of top-performing growth stocks. It is currently ranked No. 6. Nvidia should be able to hold its own against increased competition in the data-center market from Intel (INTC) and Advanced Micro Devices (AMD), Ramsay said. “We remain very impressed how quickly Nvidia has segmented the product…

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