Nvidia Stock Rises Monday, Helping Fuel S&P 500 and Nasdaq GainsHere’s Why [Video]

Nvidia (NVDA) shares climbed in intraday trading Monday as chip stocks rebounded from losses during last week’s sell-off, helping boost the S&P 500 and Nasdaq.

The gains came amid reports Nvidia is making a version of its artificial intelligence (AI) chip for the Chinese market compliant with U.S. trade restrictions, after worries about tougher trade restrictions and geopolitical tensions fueled a sell-off in chip stocks last week.

Several analysts also raised their price targets for Nvidia stock Monday, anticipating strong results from the chipmaker’s earnings report next month and demand for Nvidia’s products.

Piper Sandler analysts reportedly raised their price target for Nvdia stock to $140 from $120, citing Nvidia’s second-quarter earnings report set for Aug. 28 as a potential growth catalyst and strong demand for the company’s products. Loop Capital analysts also lifted their target to $175 from $120.

Shares of Nvidia were up about 2.5% at $120.86 around 11:30 a.m. ET …