### Nvidia Shares Reach New High Amid Positive Analyst Outlook

Nvidia's (NVDA) shares climbed to a new intraday high on Monday, reflecting strong bullish sentiment from Wall Street analysts ahead of the company's November earnings report. The stock surged by 3%, crossing $142 and surpassing the previous high of $140.89 recorded last week.

Bank of America (BAC) and CFRA are among the firms that have recently raised their price targets for Nvidia. Bank of America increased its target from $165 to $190, while CFRA adjusted its target from $139 to $160. Analyst consensus data from Bloomberg projects the stock rising to $148.37 over the next year.

The optimism surrounding Nvidia is largely driven by the robust demand in the AI market. Bank of America's Analyst Vivek Arya emphasized Nvidia's dominance in the enterprise AI domain, citing its partnerships with major firms like Microsoft and Accenture. Arya stated that Nvidia is the preferred partner for enterprise AI hardware and software solutions.

Dan Ives, a Wedbush analyst and Nvidia enthusiast, echoed similar sentiments, highlighting a surge in enterprise spending on AI applications. Ives projects a tenfold growth in the AI infrastructure market by 2027, with expectations of $1 trillion in AI-related capital expenditures within that period.

Despite a minor setback last week and concerns about a potential slowdown in AI spending, Nvidia’s stock has posted near-3% gains over the past week and risen over 20% this past month. CEO Jensen Huang noted an "insane" demand for Nvidia's AI chips, which are extensively used in data centers by major technology companies to power generative artificial intelligence software.

Positive performance from Nvidia’s industry partners, such as Micron (MU) and TSMC (TSM), has also bolstered the company's standing. Both companies recently reported earnings that exceeded Wall Street expectations, contributing to the overall buoyancy of AI stocks.

Looking ahead, the AI chip market is expected to grow significantly, with projected increases of 99% in 2024 and 74% in 2025, as per consulting firm International Business Strategies. However, any slowdown in Nvidia's growth could impact the stock negatively, given the high expectations from investors.

Analysts surveyed by Bloomberg predict Nvidia's third-quarter earnings per share to be $0.74, marking an 84% year-over-year increase. Revenue is expected to climb by 83% to $33.1 billion. Currently, 67 analysts rate Nvidia stock as Outperform, seven recommend holding, and only one analyst suggests selling the shares.