Nvidia closed up 0.1% at $471.63 the day after the company beat analyst expectations when it reported second-quarter revenue of $13.51 billion after the bell, and predicted revenue would reach $16 billion in the third quarter. During the session, Nvidia rose as high as $502.66.
More than 20 brokerages raised their target price for Nvidia post the earnings update, according to Refinitiv data, with Elazar Advisors being the most bullish at $1,600.
Despite US export restrictions, Chinese vendors are selling high-end Nvidia chips, particularly the A100 artificial intelligence (AI) chips, for double the regular cost.