Why Nvidia Is Much More Than Just A Chip Stock

Investors who think of NVIDIA Corp NVDA as a chip stock are missing the point, Ritholtz Wealth Management CEO Josh Brown said Thursday on CNBC's "Fast Money Halftime Report."

Nvidia is a platform company, Brown said: "They own the programming language that is going to power the AI revolution."

Many of the companies in the Fortune 500 are going to spend the next decade automating as many processes as possible, Brown said. Nvidia is going to be the company that enables these companies to do so, he added.

Brown owns the stock and doesn't have any plans to sell it anytime soon.

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Analyst Assessment: Multiple analyst firms raised price targets on Nvidia today:

• Wells Fargo analyst Aaron Rakers maintained an Overweight rating and raised the price target from $219 to $245.
• UBS analyst Timothy Arcuri maintained a Buy rating and raised the price target from $184 to $230.
• Evercore ISI Group analyst C.J. Muse maintained an Outperform rating and raised the price target from $187.50 to $250.

NVDA Price Action: Nvidia has traded as high as $208.75 and as low as $107.95 over a 52-week period.

At last check Thursday, the stock was up 1.06% at $199.12.

Photo: courtesy of NVIDIA.