Is NVIDIA's market value expected to surpass Amazon, or even Apple?
Elazar Advisors analyst Chaim Siegel has set a target price of $1606 for Nvidia, which means the stock will rise another 241%, bringing its market value close to $4 trillion.
As of Wednesday's close, Nvidia's stock price has risen 222% year-to-date, and it has risen another 8% in pre-market trading.
The continuous rise in Nvidia's stock price is seen as a driving force behind the growth of artificial intelligence, which has boosted the S&P 500 and Nasdaq indices, as well as the increase in Nvidia's market value. This upward trend is likely to continue.
As of Wednesday, Nvidia's market value has surpassed $1.16 trillion, and after Thursday's trading begins, the company's market value will be even higher - compared to the beginning of this year, Nvidia's market value was less than $370 billion.
Will Nvidia's market value surpass Amazon, or even Apple?
Nvidia's market value is approaching $1.4 trillion for Amazon and $1.7 trillion for Alphabet.
However, there is still a significant gap between Nvidia and the world's highest-valued companies, such as Apple, with a market value of over $2.8 trillion.
If you believe Wall Street's predictions, Nvidia may soon surpass these milestone market values held by large tech peers.
Nvidia's stock price reached around $510 in pre-market trading, and the average target price of analysts surveyed by FactSet is $574.40, which means Nvidia's market value will rise to around $1.42 trillion.
However, as more institutions update their expectations, Nvidia's target price may increase. This will push Nvidia's market value above Amazon's current level and narrow the gap with Alphabet.
There is reason to believe that Nvidia's performance will continue to outperform Amazon. After all, exceeding Wall Street's expectations for two consecutive quarters is an important factor driving Nvidia's stock price higher.
At least one super bullish analyst believes that Nvidia's market value will surpass Apple's based on Apple's current market value.
Elazar Advisors analyst sets Nvidia's target price at $1606, which means the stock will rise 241% from Wednesday's closing price, and the market value will be close to $4 trillion, a level that no company has reached so far.
