AI Darling Nvidia’s Stock Could Keep Rising After a Record Year. Heres Why. [Video]

It’s been a record-breaking year for artificial intelligence (AI) darling Nvidia’s (NVDA) stock, and its momentum could be far from over.  

Despite recent declines that brought the shares into correction territory, analysts remain overwhelmingly bullish on the chipmaker’s stock, expecting still more gains as demand for the company’s AI chips continues to outpace supply. 

“The age of AI is upon us, and it’s large and diverse,” CEO Jensen Huang told investors last month, with Nvidia set to benefit as computing scale grows “exponentially.”

Analysts are overwhelmingly bullish on Nvidia’s upward potential. All but one of the 21 analysts covering the stock tracked by Visible Alpha hold a “buy” or equivalent rating, with the average price target of about $177 implying more than 31% upside from Friday’s closing price of $134.70.

Booming demand for AI sent sales of Nvidia’s chips to support developments in AI, as well as the company’s stock price, to record highs this year, with shares more …