Nvidia stock boosted on bullish sentiment from HSBC analysts

The Yahoo Finance Live team discusses a rise in Nvidia stock based on positive forecasts from HSBC.

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- We're going to get back to NVIDIA now. Let's check out how shares finished there. Not an earnings alert. All right, here we go. About 2.5% gain as the final reluctant sell double upgrade to a Buy. And Josh, what got that one remaining hold out to switch over to a Buy? Presumably, AI.

- Of course, it's AI, right, Dave? And I think it was interesting to look at how much, it was the AI pricing power specifically is what HSBC called out here. And so when you think about pricing power, it's how much more they can make per chip when you're talking about generative AI. And they were saying 10 to 20 times more is what NVIDIA could expect at that point, which I thought to be very interesting.

And also, NVIDIA's overall market share in generative AI expected over the next year, HSBC basically saying NVIDIA could own this market at about 90% market share. And I should add here, they went very bullish on this, more than doubling their price target and becoming very bullish. I think it's about a $355 price target they placed on NVIDIA for this move.

And really, it's been interesting to watch the stock move in NVIDIA, up almost 90% year-to-date this year, as they've continued to mention AI, really riding that train, Dave, that a lot of these companies have them. And when it comes to not only mentioning AI, but dominating AI, right? You have NVIDIA dominating the chip space. Microsoft dominating the AI space-- or sorry, the ChatGPT space, right? And you've seen that sort of take off versus others that have been slower to come, like some of NVIDIA's chip partners, like an Intel falling, I think up about 20% this year compared to NVIDIA's 90%. And you've seen Google fall on times when Microsoft has been positive in the AI space.

- No one at all worried about PC sales with the impact of AI.

Josh Schafer, great stuff. Thank you, sir.