Analyst believed Nvidia would top $700 announces new target

Increasing AI investment has benefited Nvidia stockholders. Over the last year, excitement over increasing AI infrastructure expenditure has driven the company's share price to outsized gains that have left many asking what's next.

Nvidia's stock has risen 400% since 2022, shocking many but not everyone. Last March, Real Money Pro's Bruce Kamich correctly forecasted "investors should look for additional gains," and recently, he said shares may reach $726.

Due to shares exceeding $700, Kamich recently reassessed his research and set a new price objective for Nvidia.

The promise of AI has been debated for decades. Alan Turing explored AI computers in the 1950s, and the Rand Corporation built the first AI software in 1956. Over the years, numerous science fiction literature and movies have imagined robots thinking for themselves.

AI isn't new, but it didn't get mainstream until lately. A large-language AI model, ChatGPT, became the fastest app to gain one million users following its December 2022 launch.

Similar generative AI systems that search, analyze, and produce content from massive data sets were heavily invested in after ChatGPT's success. Microsoft swiftly added ChatGPT to Bing, causing Alphabet's Google to launch Bard, its AI app.

However, AI investment has expanded beyond search. AI is being studied for military application, financial organizations like JP Morgan Chase are utilizing it to hedge portfolio risks, healthcare companies are exploring its medication development potential, and retailers are evaluating its theft prevention potential.

The potential applicability of AI across most sectors and business processes has increased investment on AI training and operation infrastructure.