Why Nvidia Soared Again Today
Shares of graphics processing unit (GPU) leader Nvidia (NASDAQ: NVDA) were rising again today, surging 4.9% as of 3:29 p.m. ET.
The renewed rise is somewhat shocking, given Nvidia's massive post-earnings surge about a week ago following its blowout second-quarter guidance. And yet, investors and analysts continue to voice their optimism for the AI leader, despite the stock reaching a near-$1 trillion market cap while trading at over 200 times earnings.
Today, one Wall Street analyst maintained his buy on Nvidia shares, noting the GPU leader is the best way to play the AI boom longer term, perhaps fueling further optimism. Moreover, the apparent resolution of the debt ceiling standoff appears to be luring buyers back into stocks broadly and tech stocks in general.
Source Fool.com
