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  Neither the author, Ruholamin Haqshanas, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">website policy</a>&nbsp;prior to making financial decisions. 
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<p class="has-drop-cap">Shares of Nvidia popped 2% higher in premarket trading on Monday after reports of <a aria-label="HSBC analysts raised (opens in a new tab)" href="https://www.streetinsider.com/AI/NVIDIA+%28NVDA%29+PT+Raised+to+%24780+at+HSBC%2C+Still+room+for+upside/22066873.html" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">HSBC analysts raising</a> the price target for the technology company’s stock from $600 to $780. The bank also reaffirmed a Buy rating on Nvidia due to optimistic projections that demand will continue to exceed supply.</p> 
<h3 id="hsbc-bullish-on-nvidia-maintains-buy-rating">HSBC Bullish on Nvidia, Maintains Buy Rating</h3> 
<p>HSBC analysts led by Frank Lee hiked the price target on Nvidia’s stock from $600 to $780 per share and maintained a Buy rating, citing the ongoing AI boom as a critical catalyst. The tech giant’s shares rose more than 2% in premarket trading.</p> 
<p>Lee said bullish AI server momentum “should continue to surprise on the upside.” Even though market expectations have increased for Nvidia and the broader AI supply chain, analysts expect the bullish AI server momentum to continue exceeding year-to-date market expectations.&nbsp;</p> 
<blockquote class="wp-block-quote"> 
 <p>“We continue to see strong demand that continues to outpace supply, especially with regard to AI GPU shipments.”</p> <cite>– HSBC’s Frank Lee wrote. </cite> 
</blockquote> 
<p>This trend should continue even in the fiscal year 2025, especially given that the market has a clearer understanding of the anticipated capital expenditures of US Cloud Service Providers (CSP) for 2024, HSBC analysts added.&nbsp;</p> 
<p>Meanwhile, Nvidia is set to reveal its earnings for the fiscal Q2 2024 on Wednesday. In the <a aria-label="previous report (opens in a new tab)" href="https://investor.nvidia.com/news/press-release-details/2023/NVIDIA-Announces-Financial-Results-for-First-Quarter-Fiscal-2024/default.aspx" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">previous report</a>, the tech company provided extremely bullish guidance for the second quarter, estimating $11 billion in revenue, compared to Wall Street estimates of $7.15 billion.</p> 
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<h3 id="nvidia-s-stock-up-200-in-2023">Nvidia’s Stock Up 200% in 2023.</h3> 
<p>HSBC’s massive price target hike and bullish expectations for Nvidia reflect the company’s <a href="https://tokenist.com/nvidias-one-day-gain-nearly-equals-ethereums-market-cap/" rel="noopener noreferrer nofollow" class="deco-link">substantial growth</a> in 2023.</p> 
<p>Notably, the AI boom triggered by the <a aria-label="success of ChatGPT (opens in a new tab)" href="https://www.reuters.com/technology/chatgpt-sets-record-fastest-growing-user-base-analyst-note-2023-02-01/#:~:text=Feb%201%20(Reuters)%20%2D%20ChatGPT,a%20UBS%20study%20on%20Wednesday." target="_blank" rel="noopener noreferrer nofollow" class="deco-link">success of ChatGPT</a> and other generative AI solutions <a aria-label="acted as a significant stimulus (opens in a new tab)" href="https://www.cnbc.com/2023/07/19/how-3-big-tech-companies-are-capitalizing-on-ai.html" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">acted as a significant stimulus</a> for the so-called Magnificent Seven companies, including Nvidia, Microsoft, Amazon, Google, Meta, Apple, Alphabet, and Tesla. Regarding stock market gains, Nvidia is at the forefront, skyrocketing more than 200% year-to-date.</p> 
<p>The whopping share price increase <a href="https://tokenist.com/nvidia-becomes-a-1-trillion-company-as-shares-up-3-5-premarket/" rel="noopener noreferrer nofollow" class="deco-link">turned Nvidia into a trillion-dollar company</a>, joining the likes of <a href="https://tokenist.com/apple-closing-in-on-3-trillion-valuation-as-shares-hit-new-ath/" rel="noopener noreferrer nofollow" class="deco-link">Apple</a>, Microsoft, and Saudi Aramco, among others. The company’s shares almost tripled in 2023, making it the best-performing company within the S&amp;P 500.&nbsp;</p> 
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<p><em><strong>Do you expect Nvidia to beat its monster revenue forecast of $11 billion later this week? Let us know in the comments below.&nbsp;</strong></em></p> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/nvidia-up-2-premarket-after-hsbc-sets-780-price-target/">Nvidia Up 2% Premarket After HSBC Sets $780 Price Target</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Nvidia Up 2% Premarket After HSBC Sets $780 Price Target

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