Nvidia shares jumped 7 per cent on the company's success in artificial intelligence

Shares of graphics processing unit (GPU) maker Nvidia jumped 7.1 per cent to $437.53 after a positive outlook from analysts at Morgan Stanley.

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The experts called the company's stock a "Best Pick" and raised its target price from $450 to $500. They also noted Nvidia's strong profitability and growth in the GPU sector, which is becoming increasingly important for the development of artificial intelligence.

Morgan Stanley analysts predict that Nvidia will grow in the next 3-4 quarters. They also believe that the company has a strong competitive position and potential for innovation in the GPU space.

Nvidia has been one of the best-performing tech companies in 2023. The company's stock has risen nearly 200% since the beginning of the year to a record high.

Nvidia's market capitalisation has surpassed $1 trillion, making it one of the most valuable companies in the world.

Source: CNBC