further to the forefront of investing themes – intriguing investors who are drawn to popular momentum stocks but raising concerns about the emergence of yet another equity bubble.
The last tech rally was driven by pandemic lockdowns, when many technology companies benefited from people working and shopping from home. The rally sputtered late last year as many companiesBut AI offers a compelling reason to jump back in. Tech stocks took off after OpenAIto the mainstream in late 2022. Though AI raises questions about ethics and regulations, it also offers exciting new growth opportunities for some companies.
The part that jolted the stock: Nvidia said that revenue in the second quarter should rise to about US$11-billion, up 53 per cent from reported revenue in the first quarter and well above the average estimate from analysts prior to the company’s earnings report. Is that a problem? He doesn’t think so. He raised his target price on the stock – or where he expects it will trade within 12 months – to US$450. That implies another hefty gain from Friday’s closing price of US$389.46.
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