Nvidia Corp. NVDA shares rose solidly in premarket trading, outperforming the Invesco QQQ Trust QQQ, an exchange-traded fund tracking the performance of large-cap non-financial tech stocks, and the iShares Semiconductor ETF SOXX.
In premarket trading on Friday, Nvidia rose 1.60% to $433.35, according to Benzinga Pro data. The QQQ edged up 0.09% and the SOXX gained 0.42%.
Nvidia has been on a tear this year, as investors lapped up the stock, sensing huge market opportunity due to the Santa Clara, California-based chipmaker’s leverage to the artificial intelligence technology. The company recently crossed the $1 trillion market cap mark.
See Also: Best Semiconductor Stocks
On Friday, Morgan Stanley analyst Joseph Moore named Nvidia as the firm's top pick. The analyst maintained an Overweight rating for the stock and increased the price target from $450 to $500.
The positive view on Nvidia assumes more importance, even as rival Advanced Micro Devices, Inc. AMD recently revealed its AI strategy.
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