|Nvidia Jumps on Baird Buy Initiation|
By Christiana Sciaudone
Investing.com -- Nvidia (NASDAQ: NVDA) rose 2.6% after Baird said it's poised to dominate.
Analyst Tristan Gerra initiated the company with an outperform rating and a price target of $800, matching the Street high.
"AI computing represents the most transformational technology of our era. As Nvidia increasingly moves to platform solutions targeting and enabling all AI markets, while diversifying its architecture offering, the company is poised to over time dominate data center," Gerra wrote in a note, according to StreetInsider. "Omniverse gives us an early glimpse of a virtual 3D world which Nvidia is at the forefront and ultimately yielding to a matrix computing world. More near term, GTC-announced foray into CPUs will expand Nvidia's computing TAM."
It doesn't hurt that Nvidia makes chips amid a shortage of them. The automotive industry is reeling from a lack of chips, curbing production, while demand for computers and phones amid the pandemic work-from-home, play-from-home dynamic exacerbated the problem.
Shares have eased off a record hit last month.