Evercore ISI initiated Nvidia with an "Outperform" rating and set a price target of $1,160, representing a 36% potential upside from the current levels.

Nvidia Corp. is approaching the anniversary of when it surprised Wall Street by trouncing forecast expectations on the heels of robust artificial-intelligence demand, and its stock is up some 220% over the past year.

A gauge of global chip stocks and AI bellwether Nvidia Corp. have fallen together into a technical correction, showing moderation in the global equity market’s most conspicuous driver over the past year and a half. The Philadelphia Semiconductor Index and Nvidia dropped more than 3% each We

"We think investors underestimate the importance of the chip+hardware+software ecosystem that Nvidia has created," Evercore ISI said.

N vidia’s trajectory as a technology powerhouse transcends its traditional identity as a chip manufacturer, according to Evercore ISI’s analysis. The firm’s initiation of Nvidia with an “Outperform” rating and a bullish price target underscores a broader narrative: Nvidia has evolved into a linchpin within the AI ecosystem,