Nvidia is near a 'tipping point' in AI dominance, analyst says

Shares of Nvidia Corp. had their best single-day performance since April after an analyst said he saw more than 40% upside for the stock. Evercore's C.J. Muse boosted his price target on the shares to $400 from $300 on Friday, making him the most bullish analyst tracked by FactSet. He thinks the company's deep-learning platform is nearing a major breakthrough and predicts that Nvidia's NVDA, 5.09% stock will continue to post strong gains as the company deepens its artificial-intelligence push. "We view Nvidia as being on the cusp of a tipping point in the company becoming the AI standard platform," Muse wrote. He sees a number of applicable business areas, including gaming, high-performance computing, pro visualization, transportation, health care, and autonomous machinery.