Chipmaker Nvidia ( NVDA ) is making waves with its technology to create enterprise metaverse applications.Nvidia stock jumped Thursday after getting a bullish report from a Wall Street analyst.
X On Tuesday, the Santa Clara, Calif.-based company likely will announce the general availability of Omniverse Enterprise, Wells Fargo analyst Aaron Rakers said in a note to clients.The news is expected to break during a keynote presentation from Nvidia Chief Executive Jensen Huang at the start of the company’s virtual GTC conference.
“We see Nvidia Omniverse as a key enabler/platform for the development of the metaverse across a wide range of vertical apps — industrial, manufacturing, design & engineering, autonomous vehicles/robotics, etc.,” Rakers said.”Nvidia Omniverse Enterprise represents a significant platform expansion strategy for Nvidia, which also entails a deepening recurring software story.”
Rakers reiterated his overweight, or buy, rating on Nvidia stock and raised his price target to 320 from 245.
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x Thank You! You will now receive IBD Newsletters ALL DONE! Something Went Wrong! Please contact customer service CLOSE Nvidia Stock Rockets On the stock market today , Nvidia stock rocketed 12% to close at 298.01.Earlier in the session, Nvidia stock hit a record high of 313.64.
On Oct.
22, Nvidia stock broke out of a six-week consolidation pattern at a buy point of 230.53, according to IBD MarketSmith charts.On Thursday, it surged past the 20%-25% profit-taking zone , based on IBD trading principles .
Omniverse is an online platform that allows creators to collaborate in real time using physically accurate simulations and 3D renderings.Nvidia describes it as a “platform for connecting 3D worlds in a shared virtual universe.”
Nvidia is one of several major tech companies talking about the metaverse as the next generation of the internet.Others touting the metaverse include Microsoft ( MSFT ) and Meta Platforms ( FB ), the company formerly known as Facebook.
Nvidia stock is tied for first place in IBD’s fabless semiconductor industry group, according to IBD Stock Checkup .
It is one of six stocks in the group with a best-possible IBD Composite Rating of 99.The fabless semiconductor group ranks fifth out of 197 industry groups that IBD tracks.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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3:10 PM ET The market rally was mixed, but Nvidia spiked on metaverse…
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