Nvidia (NVDA) stock climbed 2.17% on Monday to $206.88 after a wave of new AI announcements lifted investor optimism. The chipmaker continues to sit at the heart of the AI boom, with two new deals highlighting strong demand for its GPUs.
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On November 3, IREN (IREN) announced plans to use Nvidia GPUs at its upcoming Texas facility, which will be supplied by Dell (DELL) and operated by Microsoft (MSFT) to power large-scale AI workloads. Meanwhile, Amazon Web Services (AMZN) said OpenAI will gain access to “hundreds of thousands” of Nvidia GPUs through a $38 billion cloud agreement.
These deals show that Nvidia remains the main chip supplier for AI systems.
U.S. Clears Nvidia Chip Shipments to the UAE
Adding to the positive news, Microsoft confirmed it has secured U.S. approval to export Nvidia chips to the United Arab Emirates. The license covers about 60,400 A100 chips and the newer GB300 GPUs, which will support the UAE’s push to expand its AI capabilities.
Microsoft said the chips will be used to power AI systems from OpenAI, Anthropic, and other providers. The company also plans to invest $15.2 billion in the UAE by 2030, including a $1.5 billion stake in local AI firm G42 and more than $5.5 billion in infrastructure spending.
Top Analyst Assigns New Street High Price Target
In a new report yesterday, Loop Capital Markets, led by five-star analyst Ananda Baruah, raised his price target on Nvidia (NVDA) from $250 to $350 — the highest on Wall Street. The new target points to about 69% upside from Nvidia’s last close at $206.88.
Baruah said Nvidia is driving what he called a “Golden Wave” of generative AI adoption, which he believes could grow even faster than earlier forecasts.
Is Nvidia Still a Good Stock to Buy?
On TipRanks, NVDA stock has a Strong Buy consensus rating based on 37 Buys, one Hold, and one Sell rating. The average Nvidia price target of $237.86 implies 15% upside potential from current levels. Year-to-date, NVDA stock has surged nearly 54%.
