NVIDIA closes at record high into another 'very strong' quarter

investing.com:

NVIDIA's (NASDAQ:NVDA) stock continued to defy gravity Tuesday, extending gains to the tenth straight session and closing at a record high of $496.56, up 2.13%. The all-time high was $502.66, but that was reached intra-day on August 24, 2023, with shares closing at $471.59 that day.

In addition to the stock benefiting from today's risk-on trade on the lower CPI report, the upside is being attributed to the release of its latest AI system, the H200, and positioning into the company's third-quarter earnings results next week (Nov. 21, 2023).

Analysts are bullish on the stock ahead of those results amid the continued uptake of AI.

Analysts at Morgan Stanley said today that NVIDIA is set up for another «very strong» quarter.

According to the analysts, the "[u]nprecedented combination of steep supply chain ramp and tight availability has not changed at all." The firm raised its October quarter numbers modestly and is now $2 billion above the Street for the January quarter. The firm reiterated its Overweight rating, $600 price target, and Top Pick designation.

«The stock is likely to continue to trade up into numbers given extraordinarily strong checks from both supply chain and demand/availability; beyond that the focus will be customer ROI,» the analysts at Morgan Stanley commented.

They were not the only ones positive on the stock today. Deutsche Bank expects another 'beat and raise' quarter from the company.

«Similar to last quarter, we would not be surprised by another big beat/raise as the company continues to address significant AI-compute buildout needs, albeit with this potential multi-billion dollar upside already largely expected by the buy-side,» analysts at Deutsche Bank commented. Deutsche Bank rates the stock a