Nvidia Hits Record Intraday High as Morgan Stanley Restores Top Chip Pick
Shares touched an all-time intraday high of about $237.83 on October 2, topping May's record, after Morgan Stanley again named Nvidia its top semiconductor pick.
Nvidia shares climbed to a new all-time intraday high of roughly $237.83 on October 2, moving past a record set in May, according to a BeInCrypto report. The move marks a fresh peak for the chipmaker after a period of consolidation.
The immediate trigger cited in the report was a research call from Morgan Stanley. Analyst Joseph Moore reinstated Nvidia as the firm's top semiconductor pick after holding meetings with CEO Jensen Huang and CFO Colette Kress.
Street View
- New intraday record of about $237.83 set on October 2
- Previous all-time high was reached in May
- Morgan Stanley's Joseph Moore restored Nvidia as top semiconductor pick
- Meetings with Jensen Huang and Colette Kress preceded the call
- The report cites sell-side estimates implying upside of as much as 99%
Nvidia's data-center processors sit at the center of the buildout of AI computing capacity, and demand for those parts has been the main driver of the company's earnings growth in recent quarters. The stock has also historically drawn interest from crypto-market participants because of the overlap between GPU supply and mining hardware, though AI workloads now account for the bulk of the company's revenue.
The report does not include a specific timeline for the analyst targets it references, and price targets reflect the views of individual research desks rather than a company forecast. Nvidia has not commented publicly on the record share price.