NVIDIA Corporation

(NASDAQ Global Select)
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Bullish +75

Nvidia Hits Record High, Wall Street Still Sees Up to 99% Upside

Company update Share buyback AI-generated analysis

πŸ“ˆ Nvidia shares hit a new all-time intraday high of $237.83 on October 2, overtaking the previous May record.

πŸ” Morgan Stanley analyst Joseph Moore restored Nvidia as the top semiconductor pick after meetings with CEO Jensen Huang and CFO Colette Kress.

πŸ’° The company added $150 billion to its share-buyback authorization, bringing the total remaining program to $235 billion for execution through fiscal 2028.

🎯 Morgan Stanley maintained its Overweight rating and $300 price target, highlighting growth from new product cycles and agentic AI demand.

πŸ“Š Across 61 analysts tracked by S&P Global, the average price target is $327.70, implying roughly 40% upside from Friday's close.

πŸš€ CEO Jensen Huang stated the buyback move reflects Nvidia's confidence in the long-term opportunity ahead.

⏳ Investors await November Q3 earnings for updates on Rubin and Vera rollout, revenue guidance, and margin performance.

πŸ’Ό Major customers including Microsoft, Amazon, and Meta must continue pouring money into AI infrastructure to support current valuations.

⚠️ Goldman Sachs has warned that market expectations around Nvidia are currently elevated.

πŸ“‰ The Nasdaq reached record territory as a weaker US jobs report pushed investors away from near-term Federal Reserve rate hike fears.

Bullish Signals
  • Nvidia shares hit a new all-time intraday high of $237.83 on October 2, overtaking the previous May record.
  • Morgan Stanley analyst Joseph Moore restored Nvidia as the firm's top semiconductor pick following meetings with CEO Jensen Huang and CFO Colette Kress.
  • The company added $150 billion to its share-buyback authorization, bringing the total remaining program to $235 billion for execution through fiscal 2028.
  • Morgan Stanley maintained its Overweight rating and $300 price target, citing growth from new product cycles and agentic AI demand.
  • Across 61 analysts tracked by S&P Global, the average price target is $327.70, implying roughly 40% upside from Friday's close.
  • CEO Jensen Huang stated the buyback move reflects Nvidia's confidence in the long-term opportunity ahead.
Risk Factors
  • Goldman Sachs has warned that market expectations around Nvidia are currently elevated.
  • Investors need continued evidence that AI spending can support the current high valuation multiples.
Full Analysis
Nvidia shares reached a new all-time intraday high of approximately $237.83 on October 2, surpassing the previous record set in May. This rally was significantly catalyzed by Morgan Stanley analyst Joseph Moore restoring Nvidia as the firm's top semiconductor pick following meetings with CEO Jensen Huang and CFO Colette Kress. Morgan Stanley maintained its Overweight rating and $300 price target, citing Nvidia's new product cycle and surging demand from AI labs and agentic AI applications. The company recently expanded its share-buyback authorization by $150 billion to a total of $235 billion, reflecting management's confidence in long-term growth opportunities through fiscal 2028. Despite the record stock price, Wall Street analysts maintain an average price target of $327.70 according to S&P Global data, implying roughly 40% upside from recent closing levels. Investors are now focused on upcoming Q3 earnings in November for Rubin and Vera product rollout details, as well as continued heavy infrastructure spending from major customers like Microsoft, Amazon, and Meta. The broader market environment also supported the rally, with a weaker US jobs report reducing expectations for immediate Federal Reserve rate hikes. However, Goldman Sachs has warned that current valuations are elevated, meaning Nvidia's stock performance will depend heavily on evidence that AI spending can sustain these high multiples.