Year to date, Nvidia (ticker: NVDA) is up by an eye-popping 38.0% and refreshed its all-time high at $697.54 yesterday!

This follows last year’s near-240% rally.

Needless to say, the US semiconductor company’s share price (current: $678) is fast approaching $700 amid demand for AI chips. Interestingly, based on recent analysts’ forecasts for the stock, the average price target for the next 12 months has already been achieved (circa $682), with the estimate high coming in north of $1,000.

Will NVDA Reach $1,000 or Beyond?

Given the demand for AI at the moment, together with technology behemoths queuing up to get their hands on Nvidia’s graphics processing units (GPUs), along with global demand for AI infrastructure poised to increase, the company’s share price could indeed continue to rally and reach/surpass $1,000. How long this will take is difficult to estimate. Some analysts forecast that the stock will reach $1,000 a share in the next two years, while others forecast less time.

Technicals Highlight Demand

While the higher rally has likely triggered a broad case of FOMO for many traders and investors, conservative traders will seek to buy dips at levels of technical significance. You may acknowledge that on the daily timeframe a demand zone recently formed at $606-$624 and yesterday finished in the shape of a bearish outside reversal candlestick formation.

With the trend obviously leaning in favour of bulls, a correction that tests the limits of the above-noted demand zone could see dip-buyers step in and the stock refresh all-time highs.

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