Nvidia stock finally broke through on October 2. Shares hit a new all-time intraday high of about $237.83, overtaking the previous May record.
The immediate catalyst came from Morgan Stanley. Analyst Joseph Moore restored Nvidia as the firms top semiconductor pick after meetings with CEO Jensen Huang and CFO Colette Kress.
Why Nvidia Stock Price Surged to a Record High
Morgan Stanley kept its Overweight rating and $300 price target, pointing to Nvidias new product cycle and growing demand from AI labs and agentic AI.
The wider market helped. A weaker-than-expected US jobs report pushed investors away from expectations for another near-term Federal Reserve rate hike. The Nasdaq also reached record territory.
Nvidia Stock Price This Week. Source: Yahoo Finance
Nvidia had another tailwind already in place. On September 28, the company added $150 billion to its share-buyback authorization, taking the remaining program to $235 billion.
Huang said the move reflected Nvidias “confidence in the long-term opportunity ahead.”
The striking part is that the record price remains below nearly every major Wall Street target.
| Wall Street firm | Price 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 actions support those targets.
Across 61 analysts tracked by S&P Global, Nvidia‘s average target is now $327.70. That implies roughly 40% upsidefrom Friday’s close.
That optimism still carries a high bar. Goldman Sachs has previously warned that expectations around Nvidia are elevated. Investors now need continued evidence that AI spending can support the valuation.
What Nvidia Investors Should Watch Next
- November — Q3 earnings:Nvidia has not yet announced the exact date. Rubin demand, revenue guidance and margins will matter most.
- Rubin and Vera rollout:Morgan Stanley sees the new product cycle and agentic AI as major potential growth drivers.
- AI spending:Microsoft, Amazon, Meta and other large customers need to keep pouring money into infrastructure.
- The $235 billion buyback:Nvidia plans to execute the remaining authorization through fiscal 2028.