Nvidia Stock Today: 3 Things Keeping the Rally Going

Nvidia CEO Jensen Huang again leads the world’s most valuable company. (I-HWA CHENG/AFP via Getty Images)

Nvidia stock was rising on Thursday. A positive broader market, optimistic Wall Street reports, and hopes of a looser policy on semiconductor sales to China looked to be helping the chip maker.

Shares were up 0.8% to $158.44 in early trading. The benchmark S&P 500 was gaining 0.3% after the U.S. jobs report for June showed stronger-than-expected hiring.

The stock has gained 11% over the past month. It has hit record highs thanks to the AI trade reigniting, putting the chip maker on the brink of a $4 trillion valuation.

Wall Street is backing Nvidia to keep rising. Mizuho Securities analyst Vijay Rakesh raised his target price on the company to $185 from $170 in a research note on Wednesday.

“We see [Nvidia’s next-generation AI chip] Rubin driving additional tailwinds into 2026E, while we note Nvidia [is] working on a new “B40” accelerator for China, though currently shipments are blocked,” Rakesh wrote.

Nvidia has had to swallow a $15 billion hit to its sales because of the Trump administration’s curbs on exports of chips to China, according to CEO Jensen Huang.

There could be hope for a more relaxed policy. Three semiconductor- software designers said Thursday that the U.S. has lifted some curbs on exports to China. Nvidia shares would likely get a boost if the U.S. made a similar move to ease curbs on AI chips.

Among other chip makers, Advanced Micro Devices fell 0.5% and Broadcom gained 0.6% in morning trading.

Write to George Glover at george.glover@dowjones.com and Adam Clark at adam.clark@barrons.com