Nvidia (NVDA) shares reached a record high in intraday trading Monday after Goldman Sachs analysts raised their price target on the stock, saying that demand for 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) and improved 澳洲幸运5官方开奖结果体彩网:graphics processing unit (GPU) supply could boost the chipmaker's position.

Goldman Sachs reiterated its "buy" rating on Nvidia and lifted its 澳洲幸运5官方开奖结果体彩网:price objective to $800 per share. Nvidia shares 🦹were up 4.1% at $688.49 per share as of about 2 p.m. ET Monday, and have more tha♚n tripled in value over the past year.

Goldman analysts also raised their fiscal 2025 and 2026 estimates for Nvidia's non-GAAP 澳洲幸运5官方开奖结果体彩网:earnings per share by 22% on average to reflect "recent indust🌳ry data points indicative of robust AI server demand and improving GPU supply."

"We no longer assume a drop off in Data Center revenue in 2HCY24 and instead model consistent growth through 1HCY25 driven by continued spending on Gen AI infrastructure by the large cloud service providers, a broadening customer profile, and multiple 澳洲幸运5官方开奖结果体彩网:new product cycles," the analysts wrote.

Goldman noted that while it "expect[s] the trajectory of capital spending on Gen AI infrastructure beyond 2024 to remain as the key debate as it relates to NVDA," the firm is "increasingly confident, particularly given signs of AI monetization, that demand for accelerated computing will continue to grow in 2025."

Bank of America also raised its price objective for Nvidia to $800, saying that AI demand remains in early stages and that Nvidia is "solidly positioned" with a diversified portfolio.

FactSet projects that Nvidia, alongside some other "澳洲幸运5官方开奖结果体彩网:Magnificent 7" companies including Amazon (AMZN), Meta (META), and Alphabet (GOOGL), could lead 澳洲幸运5官方开奖结果体彩网:S&P 500 earnings growth for the first quarter of 2024.

Nvidia is set to report its results for the fourth quarter of fiscal 2024 after the bell on Wednesday, Feb. 21.