Nvidia stock closes at a high as Wall Street eyes AI demand

Nvidia (NVDA+4.08%) closed at a record high on Monday as Wall Street awaits Big Tech's November earnings report.

The chipmaker's stock rose 4.14% to close at $143.71 per share, and its shares continued to rise in after-hours trading. Earlier in the day, the company's shares hit one Intraday record high of $142.46according to Barron's. Shares of Nvidia are up 198.34% so far this year.

Friday, Bank of America (BAC-1.29%) raised its price target on the chipmaker to $190 from $165, citing “confidence in NVDA's competitive leadership and generational opportunity.”

Research analyst Vivek Arya pointed to “recent industry events,” including that of Taiwan Semiconductor Manufacturing Company (TSMC) (TSM+0.52%) Outcome results And Advanced Micro Devices AI eventas part of the justification for raising the price target in Bank of America Global Research's report last week.

“We also highlight the growing presence of AI in enterprises, where NVDA is the partner of choice,” said Arya.

Last week Nvidia set one Intraday high after TSMC beat earnings expectations. The chip maker's shares briefly rose over 3%, setting a record Intraday record $140.89 per share Thursday. The stock's last intraday record high was on June 20, when it hit $140.76 per share.

Meanwhile, TSMC reported Revenue of NT$759.69 billion or US$23.5 billionfor the quarter ended September 30. TSMC said third-quarter revenue increased 36% year over year in U.S. dollars and 12.9% quarter over quarter.

Shares of Nvidia fell over 4% last Tuesday after closing at a record high of $138.07 the previous day. The decline came after a report that the The US could limit sales of advanced artificial intelligence chips from US-based chip manufacturers to certain countries.