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- Nvidia shares could rise 23%, Bank of America said in raising its price target on the chipmaker.
- AI workloads are rising and Nvidia's specialized hardware should benefit from stronger sales.
- Nvidia shares have jumped 90% in 2023 as interest in AI is fueled by ChatGPT.
Nvidia's stock price could push to highs not seen in more than a year as the boom in artificial intelligence should bolster demand for its hardware, Bank of America said Wednesday.
The note from the BofA analysts come after Nvidia shares have already soared this year on the back of the ChatGPT craze. The stock was trading around $277 on Wednesday.