Nvidia (NVDA) shares rose againꦡ Monday in the wake of bullish comments from Wall Street analysts.

The stock gained 2.4% to finish at a record closing high of $138.07 and has nearly tripled in value this year, as澳洲幸运5官方开奖结果体彩网: demand for the company’s chips to support 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) has surged. Shares are just shy of tไheir intraday high of $140.76 s🍎et in June.

Several stocks with ties to the chipmaker, including partners Arm Holdings (ARM), TSMC (TSM), and Nvidia-backed Soundhound AI (SOUN), gained Monday. The moves helped boost the tech sector, leading the S&P 500 index to a 澳洲幸运5官方开奖结果体彩网:record high.

‘Nvidia Still King’

In a note to clients Sunday, Citi analysts said Nvidia is “still king” when it comes to its client base in the AI accelerator market. They said they expect chipmaker’s GPU sales to hyperscalers like Alphabet's (GOOGL) Google and Microsoft (MSFT) will double this year.

Citi and all but one of the other 22 analysts covering Nvidia tracked by Visible⛦ Alpha held a “buy” or equivalent rating on the stock as of Monday, with a consensus price target of $152.41, implying about 10% upside from Monday’s closing price. 

Supply ‘To Remain Tight’

Citi’s comments come after Goldman Sachs analysts said Friday they came away from an investor meeting with Nvidia CEO Jensen Huang “with a better appreciation of the company’s competitive moat,” citing the company’s large customer base, “robust and growing” software offerings, and ability to innovate.

The analysts said orders for Nvidia’s Blackwell chip are booked out with lead times extending up to a year, and that Nvidia “expects supply to remain tight for the foreseeable future.”

Goldman Sachs analysts also maintained a "buy" rating on the stock, and raised their price target to $150 from $135 previously.

Nvidia Nearing Top Spot in Market Cap

A week ago, 澳洲幸运5官方开奖结果体彩网:Nvidia overtook Microsoft as the world's second largest company by market capitalization, behind only Apple (AAPL).

With Monday's gains, Nvidia's market cap is at $3.386 trillion, compared with Apple's $3.516 trillion. Apple, Nvidia and Microsoft are the only three companies with a market cap above $3 trillion.