Nvidia Notches Fresh All-Time High, Analysts Eye Bigger Gains Ahead

Nvidia's stock broke past its previous peak on October 2. Shares reached a new all-time intraday high of approximately $237.83, surpassing the prior record set in May.

The trigger came from Morgan Stanley. Analyst Joseph Moore reinstated Nvidia as the bank's top semiconductor pick following meetings with CEO Jensen Huang and CFO Colette Kress.

What Drove Nvidia's Stock to a Record

Morgan Stanley kept its Overweight rating and $300 price target, citing Nvidia's upcoming product cycle and increased demand from AI labs and agentic AI.

The broader market also contributed. A softer-than-expected U.S. jobs report reduced expectations for another near-term interest rate hike by the Federal Reserve. The Nasdaq also entered record territory.

Nvidia already had another positive factor in place. On September 28, the company boosted its share-buyback authorization by $150 billion, bringing the remaining program to $235 billion.

Huang said the move reflected Nvidia's “confidence in the long-term opportunity ahead.”

Wall Street's Price Outlook for Nvidia

The notable aspect is that the record price still falls short of almost every major Wall Street target.

Morgan Stanley: $300, Goldman Sachs: $300, UBS: $300, Citi: $315, JPMorgan: $320, RBC Capital: $330, Wedbush: $345, Bank of America: $350, Cantor Fitzgerald: $350, Rosenblatt: $390, Bernstein: $400, Evercore ISI: $465.

Recent analyst moves reinforce those targets.

Among 61 analysts tracked by S&P Global, Nvidia's average target now stands at $327.70. That implies roughly 40% upside from Friday's close.

That optimism still comes with a high hurdle. Goldman Sachs has previously cautioned that expectations around Nvidia are elevated. Investors now require continued proof that AI spending can sustain the valuation.

Key Developments for Nvidia Investors

• November — Q3 earnings: Nvidia has not yet set the exact date. Rubin demand, revenue guidance and margins will be the most important factors.
• Rubin and Vera rollout: Morgan Stanley sees the new product cycle and agentic AI as significant potential growth catalysts.
• AI spending: Microsoft, Amazon, Meta and other major customers need to maintain heavy investment in infrastructure.
• The $235 billion buyback: Nvidia plans to complete the remaining authorization by fiscal 2028.