NVIDIA Corp NVDA is surging to new all-time highs Thursday following a price target increase by Wells Fargo.
What Happened: Wells Fargo maintained an Overweight rating and raised the price target from $245 to $320. The analyst cited a potential $10 billion metaverse market opportunity over the next five years.
Brown's Take: "You can't render any of the graphics required to live this fake second life we're so excited about if you don't have GPUs from Nvidia," Ritholtz Wealth Management CEO Josh Brown said Thursday on CNBC's "Fast Money Halftime Report."
That's the bottom line when it comes to the metaverse opportunity, he said.
Brown thinks Nvidia has the potential to reach a $1 trillion market cap, but noted many things could potentially go wrong along the way.
"I really believe that when you look at the markets they're in and the dominance they have in these markets, like, it's one of these names that really could be there at some point, so I'm really excited about it," Brown said.
Brown plans to hold Nvidia, although he recognizes that "not every day is going to be as good as today."
NVDA Price Action: Nvidia was up 13.9% to $302.96 at time of publication.
Photo: courtesy of Nvidia.
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