Nvidia Eyes Record High as Foxconn's 47% AI Revenue Surge Fuels Rally
NVDA sits 43% above its 52-week low of $164.27.
Summary
Nvidia shares are up 0.9% in premarket trading to $236.02, putting the stock on track to surpass its all-time closing high of $235.74 from May. The move follows Foxconn's report of September-quarter revenue up 47% year-over-year to $95.48 billion, driven by AI server demand. Foxconn said AI-related operations should keep growing in Q4, though it gave no specific guidance. Nvidia's forward P/E has compressed to 17.1 times from about 24 times in May, suggesting investors see room for further upside. The average Wall Street price target is $334.45, implying significant potential gain from current levels.
At the time of this announcement, NVDA was trading at $235.47 on NASDAQ in the Technology sector, with a market capitalization of approximately $5.6T. The 52-week trading range was $164.27 to $237.88. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.