NEW YORK -- Exuberance about the potential of artificial intelligence has propelled U.S. chipmaker Nvidia's shares to record highs, as investors anticipate a breakneck pace of profit growth with few recent parallels.
The stock has been moving so fast that analysts trying to set price targets can hardly keep up. The average target calculated by QUICK-FactSet rose from $674 at the end of January to $893 after Nvidia's Feb. 21 earnings release. Shares have already jumped past this, rising 4% to close at $926.69 on Thursday. Mizuho Securities' U.S. arm on Tuesday lifted its target from $850 to $1,000.
