L’action Nvidia 
NVDA rose again on Friday, extending a rise that has already taken the stock to a new all-time high.
NVDA reached new intraday highs, around $216.8 to $217.7 on Friday, before moving back towards the $215.80 level.
The recent rise has reignited a familiar debate after each major upward movement: should we still buy or make gains?
The response from Wall Street remains mostly optimistic, but the size of the stock, its valuation and its rate of progression give the bears something to grind for.
Nvidia stock: what’s driving today’s move
The immediate catalyst is Nvidia’s new partnership with IREN, the data center operator that deploys significant infrastructure dedicated to AI.
Nvidia plans to invest up to $2.1 billion (approx. €1.8 billion) in IREN via a five-year call option for up to 30 million shares at $70 each, as the two companies aim to deploy up to 5 gigawatts of AI infrastructure.
Jensen Huang presented the deal in characteristic Nvidia fashion, saying: “AI factories are becoming fundamental infrastructure for the global economy. HAS”
The main message is that AI deployment continues to expand rather than narrow.
AMD’s strong outlook this week and recent gains in semiconductor stocks have reinforced the idea that hyperscalers and infrastructure players are still spending heavily on compute.
The bullish scenario remains clearly dominant
The market remains largely constructive: MarketBeat data shows 54 analysts covering Nvidia, with 48 Buy recommendations, four Strong Buys and only two Holds.
The 12-month average target is $275.25, implying ~27.7% upside from current levels, with the highest target being $400.
Some of the most optimistic voices put forward a structural argument, not just a cyclical one.
Bank of America’s Vivek Arya said Nvidia could “refocus on shareholder returns” now that the bulk of the ecosystem’s investments may be coming to an end.
This shift could broaden the stock’s investor base and help narrow the valuation gap.
New Street Research’s Pierre Ferragu was even more aggressive, saying that Nvidia has added “$500 billion (approx. $436.2 billion) in orders since October” and is now “at a pace of over $1 trillion (approx. $872.3 billion).” €) per year of orders today.
Why some investors reduce their positions during an upswing
The cautious argument is not that Nvidia’s business is weak; is that the title has already integrated a large part of the expected strength.
Investors discounted Nvidia’s strong results in February, fearing that the company was channeling capital into expanding the AI ecosystem rather than returning more cash to shareholders.
This is precisely why Bank of America’s thesis on shareholder returns has resonated so well: it offers bulls a new argument beyond simple profit growth.
There is also the technical aspect: the chip sector has progressed a lot without Nvidia fully keeping pace.
AMD had outperformed Nvidia since the start of the year, while the Philadelphia Semiconductor Index has also rebounded strongly this year.
For investors already sitting on significant capital gains, partially realizing their gains is a reasonable way to manage risk.
For long-term investors, the most convincing argument remains to hold on to the stock and buy during declines rather than chasing each new record.
