Nvidia stock (NVDA) climbed more than 6% Thursday along with other chip stocks as tech led a market rebound.
The bounce back comes a day after shares of the AI chip heavyweight fell more than 5%.
Wall Street has been bullish on Nvidia following a decline of more than 25% from the stock’s intraday peak of about $140 in June.
On Wednesday, a bullish note from Piper Sandler pointed investors to a “tremendous opportunity” to buy the AI chip heavyweight and other chip names following sector’s recent sell-off.
Analysts have shrugged off a recent report of a possible delay in Nvidia’s next-generation chip called Blackwell.
“We still sense an urgent demand across the board, and that mitigates the risk in a pause in shipments as customers wait for the next generation of chips to be available in volumes,” New Street Research technology infrastructure analyst Antoine Chkaiban told Yahoo Finance on Thursday.
Chkaiban recently raised the stock to a Buy rating with a price target of $120.
Other chips rallying on Thursday include Advanced Micro Devices (AMD), Broadcom (AVGO), and Intel (INTC), which were all up over 5%.
Chip stocks have remained volatile over the past few weeks as Big Tech names have led the recent market downturn.
Nvidia stock fell more than 6% on Monday as the “Magnificent Seven” stocks saw market cap losses of more than $650 billion during Monday’s market plunge.
Shares have regained some of those losses. Over the past four trading sessions the stock is down roughly 2%.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
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