Nvidia (NVDA) shares climbed in intraday trading Tuesday after KeyBanc analysts hiked their price target for the stock, citing better-than-expected demand for Nvidia's upcoming Blackwell platform to power 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI).

Nvidia shares were up nearly 3% at $131.56 around noon ET Tuesday, extending gains earlier in the week after 澳洲幸运5官方开奖结果体彩网:bullish calls from UBS and W൩olfe Research on the AI chipmaker's potential.

KeyBanc analysts lifted their price target for the chipmaker to $180 from $130, which represents a more than 40% upside from the stock's closing price Monday. The analysts maintained their "overweight" rating for the stock.

Blackwell Demand Better Than Expected

KeyBanc analyst John Vinh reported that demand for Nvidia's upcoming Blackwell platform is even better than previously expected.

"The interest and demand in GB200 is greater than we initially had sized,” the analyst wrote, adding that the Blackwell demand "should support data center revenues of over $200B in 2025."

UBS analysts, alongside Wolfe Research, also reported robust demand for Blackwell supported by 澳洲幸运5官方开奖结果体彩网:big tech's AI spending.

No Signs of Flagging Demand for Older Products

Amid some concerns about whether Nvidia could face an 澳洲幸运5官方开奖结果体彩网:"air pocket" in sales if some customers opt to wait for Nvidia's latest tech instead of buying Hopper, Bl💃ackwell's predecessor, KeyBanc analysts said demand for Hopper remains s🐓trong.

"Despite the impending launch of Blackwell in 2H24, we are not seeing any signs of a demand pause as demand for H100 remains robust, as we continue to see rush orders," the analysts said, in what could be a promising sign for Nvidia's older products as the chipmaker rolls out new technology.

Nvidia plans for its 澳洲幸运5官方开奖结果体彩网:next-generation AI platform Rubin to follow Blackwell, as part of its one-year product cycle to keep up with the evolution of AI technology.