Chipmaker NVIDIA Corp. shares reached a record high, $190.10, on Monday according to Reuters. The company’s progress in artificial intelligence is one reason for the surge. Wall Street favors NVIDIA with 22 of 38 brokerages having a “buy” recommendation. Adding to the momentum, Nvidia was declared a “top pick by Bank of America Merrill Lynch.
Once known primarily for designing graphics processing chips, NVIDIA has recently ventured in newer technologies including artificial intelligence, cloud computing, self-driving cars and cryptocurrency transactions.
In particular, NVIDIA announced in May a partnership with Toyota Motor Corp which will utilize NVIDIA’s AI self-driving vehicle technology. Indeed “NVIDIA has created an industry standard for AI systems that will be nearly impossible to replicate,” an Evercore analyst recently stated.