Why Nvidia Stock Is Rallying Today

NVIDIA Corp NVDA shares are moving higher Wednesday in the wake of the company's GPU Technology Conference (GTC). Several analysts raised price targets on the stock following the event.

What To Know: Nvidia CEO Jensen Huang referred to the recent acceleration of artificial intelligence as the "iPhone moment for AI" during the event on Tuesday.

Nvidia announced several partnerships with big tech companies and outlined how it will provide the necessary framework for the AI boom. 

"The age of AI demands cloud data center infrastructures to support extraordinary computing requirements," Huang said during his presentation.

Related Link: It's 'The iPhone Moment For AI,' And Nvidia Is Taking Control Of It

Analyst Updates:

• Deutsche Bank maintained a Hold rating and raised the price target from $200 to $220.
• Needham reiterated a Buy rating and maintained a $270 price target.
• Oppenheimer maintained an Outperform rating and raised the price target from $275 to $300.
• Wells Fargo maintained an Overweight rating and raised the price target from $275 to $320.
• Mizuho maintained a Buy rating and raised the price target from $230 to $290.
• Rosenblatt reiterated a Buy rating and maintained a $320 price target.
• TD Cowen maintained an Outperform rating and raised the price target from $260 to $300.
• BMO Capital maintained an Outperform and raised the price target from $255 to $305.

See Also: Nvidia Stock Is Up Over 100% In 6 Months. Impressed? Cramer Says Wait For The 'Unimaginable'

NVDA Price Action: Nvidia has a 52-week high of $289.34 and a 52-week low of $108.14.

The stock was up 2.81% at $269.36 at time of publication, according to Benzinga Pro.

Photo: courtesy of Nvidia.