Nvidia ( NVDA 0.80%) has been in scintillating form on the stock market in 2024, reaching gains of nearly 180% as of this writing. This is due to the robust growth that the company has been clocking in recent quarters on account of the strong demand for its graphics cards deployed in artificial intelligence (AI) servers.

Concerns that the recent breakout rally in Nvidia’s stock was “false” are still premature, unless it falls through key support at recent lows.

Strategists said they changed their price target after a meeting with Huang. The Nvidia CEO spoke of the company's advantage over other chipmakers, and the bank said that Nvidia's "competitive moat" is built on the firm's installed base, its innovation, and its "robust and growing" software offerings.

A Wall Street analyst raised his price target on Nvidia stock, pointing to its competitive advantages built over years of successful research and development.

Nvidia (NASDAQ: NVDA) is having quite the run in 2024. It entered the year trading for roughly a split-adjusted $50 but has rocketed all the way up to around $130. Now, the question is, could Nvidia reach $150 before 2025 arrives to secure a second consecutive year of its stock price tripling?