Nvidia Stock Price and Forecast: NVDA unphased by Fed rate hike as BofA raises price target to $310

• Nvidia GTC conference produced plenty of headlines.
• Bank of America raises NVDA price target to $310.
• Nvidia stock is overbought on the RSI, immediate target for bulls is $283.50.

Nvidia (NVDA) stock did not bother to check on the Federal Reserve's 25 basis point rate hike on Wednesday. It had too much already on its plate. CEO Jensen Huang brought down the house with his keynote address at the company's renowned GTC conference. Huang talked about the future of the omniverse and Nvidia's place at the forefront of artificial intelligence (AI). It was enough for the stock to advance 1% on Wednesday, while the NASDAQ Composite lost 1.6% on the Fed's refusal to cut rates this year. Following several high-profile upgrades to the NVDA price targets among analysts, NVDA has added another 2.2% in Thursday's premarket.

Nvidia stock news: Huang's GTC keynote renews faith in company future

Jensen Huang used his keynote address at GTC to make the case that Nvidia is simply the most important company in the world. Whether he talked about generative AI or the sustainability of computing, Huang made a hard sell that Nvidia simply has no peers. Much of his talk focused on Nvidia's supercomputing platform that is housed in Microsoft's (MSFT) Azure data centres. This new product allows companies and researchers to have virtual access to state-of-the-art advanced computing from their personal computers.

Another large section of the speech was devoted to Nvidia's offerings to the life sciences, manufacturing and physical design industries 

"Whether you're making cars or phones or building factories or logistics warehouses, today you have to do things on paper and then translate it to the physical world. As you are building it, you make mistakes and have to do change orders. All of that doesn't have to happen. You can do all of that in digital," said Jensen Huang. "You can then use generative AI to test your project before building it in the physical world," which reduces change orders, time to market and delays.

Huang said that Nvidia is rapidly becoming the primary company that helps companies focused on the physical world build, test and optimize their designs before creating anything in the physical world. By allowing testing in the digital world, Huang estimates that Nvidia will save the global economy "hundreds of billions of dollars" annually.

Bank of America's Vivek Arya hiked his price target on Nvidia stock from $275 to $310. Arya said Nvidia was now on the road to the "trillion-dollar" information technology and "infrastructure as a service" arenas. Although it has not been just a chip company for a while now, Arya said it has now solidified its lead in the non-semiconductor realm of industrial software.

Stacy Rasgon, an analyst at Bernstein, was impressed by Nvidia's new platform offerings. These included platforms for AI video, AI image generation, large language models and recommender engines. Many other analysts announced that Nvidia was the company to beat when it comes to the field of generative AI that includes OpenAI's ChatGPT technology. 

Nvidia stock forecast

Nvidia stock is now staring down the $283.50 resistance level from back in March 2022. The excitement seems real, and Nvidia really has mostly replaced Tesla (TSLA) as the top tech compounder for most long-term holders at this point. That is why it is up more than 145% since mid-October of last year. Support can be found at, or more likely between, $266 and $260. Both of those levels saw plenty of price action respect during 2022. Bears will, however, note that NVDA stock is well into the overbought territory on the Relative Strength Index (RSI). That could mean bulls will soon take profits.

NVDA stock daily chart