AI will drive Nvidia higher by more than 40% from here, says Wells Fargo

Nvidia's rally will not run out of steam anytime soon, according to Wells Fargo. The bank, which has an overweight rating on the chipmaker, raised its price target to $315 from $265. The new forecast calls for 44% upside from Monday's close. "With continued indications / commentary pointing to a compute demand > supply backdrop, we think a key factor driving NVDA's Data Center rev is the company's ability to scale [gigawatts] of AI infra deployed," analyst Aaron Rakers said Tuesday in a note to …