Dan Ives Calls Jensen Huang 'Godfather Of AI' Ahead Of NVDA Earnings, Says Nvidia Has 'Best Perch' To Gauge AI Demand
NVIDIA Corporation NVDA | 0.00 |
Wedbush analyst Dan Ives is bullish on Nvidia Corp. (NASDAQ:NVDA), calling it the "foundation for the AI Revolution" ahead of its earnings report slated for Wednesday.
In Monday’s post on X, Ives said, "There is one company that is the foundation for the AI Revolution and that is Nvidia with the Godfather of AI Jensen having the best perch and vantage point to discuss overall enterprise AI demand and the appetite for Nvidia’s AI chips looking forward."
The analyst described Nvidia CEO Jensen Huang as the "Godfather of AI," citing strong demand for the company's AI chips. He said investors are closely monitoring the AI chipmaker's earnings and AI spending growth.
Nvidia's Growth Trajectory
The analyst's comments come as Nvidia benefits from the ongoing AI boom, with its market cap soaring above $5.5 trillion last week. Nvidia shares have risen 20.82% since the start of this year and 67.11% over the past year.
Several analysts have lifted the target price on Nvidia, underscoring optimism about the company's future growth.
Analyst at Cantor Fitzgerald raised the price target from $300 to $350. UBS moved up the target price to $275 from $245, while TD Cowen projects Nvidia at $275, up from the previous projection of $235.
Ives last week said easing U.S.-China AI chip tensions and renewed approval for Nvidia's H200 sales to China could add fresh momentum to the broader technology rally, particularly across chips, cloud infrastructure, and AI software.
Technicals Paint Mixed Picture
Nvidia currently shows a mixed technical picture according to TradingView gauges.
The stock closed at $225.32 on Friday, signaling bullish momentum as it trades above its 50-day and 100-day simple moving averages of $193.07 and $189.60, respectively. The 50-day EMA at 199.44 and the 100-day EMA at 192.08 also reflect the stock's potential upward movement in the weeks ahead.
The Relative Strength Index (RSI) at 64.66 remains in neutral territory, indicating the stock is neither overbought nor oversold.
However, the stochastic %K reading of 88.39 indicates a "Sell" signal. This could be alarming for investors going into the earnings announcement
Benzinga Edge Stock Rankings indicate that the NVDA has a Momentum score in the 87th percentile with a strong price trend in the short, medium and long term. It also has a solid Growth score in the 98th percentile.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by a Benzinga editor.
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