Nvidia isn't a chip company anymore and Wall Street loves the change

As Nvidia becomes the most valuable company on Wall Street, CEO Jensen Huang hints at a bold new direction.

Transcript

00:00It's official. NVIDIA is the most valuable company on Wall Street.

00:04Shares are trading at record highs, and the AI chip giant's market cap is closing in on $4 trillion,

00:10surpassing that of Microsoft and Apple.

00:13Fueled by the AI boom, NVIDIA's powerful GPUs are in everything from data centers to chat GPT.

00:20But chips are just the beginning.

00:21At the company's annual shareholder meeting on Wednesday,

00:24CEO Jensen Wong said robots are the next big growth driver for the company.

00:28Wong said NVIDIA stopped thinking of itself as a chip company a long time ago

00:33and that they're working towards a day where there will be billions of robots,

00:37hundreds of millions of autonomous vehicles,

00:39and hundreds of thousands of robotic factories that can be powered by NVIDIA technology.

00:44And Wall Street is all in.

00:46Nearly 90% of analysts rate the stock as a buy,

00:49with a median price target of $175,

00:52which is more than 10% higher than where it's currently trading.

00:55That'll do it for your daily briefing from the New York Stock Exchange.

00:59I'm Caroline Woods with The Street.