Goldman Sachs’s Bullish Bet on Nvidia Sparks AI Rally

• Goldman Sachs has raised NVDA’s target from $135 to $150.
• NEAR, FET, and RENDER have surged 23.50%, 9.16%, and 9.05%, respectively.
• Goldman Sachs believes that Nvidia will benefit from rising AI demand.

Cryptocurrencies focused on artificial intelligence (AI) have all witnessed significant price rallies in the past week as the broader crypto market also surged. Interestingly, this bullish sentiment revolves around Goldman Sachs’ recent bullish prediction regarding the shares of Nvidia, a software and GPU company based in the United States.

Goldman Sachs, a leading financial services firm, raised the target for NVDA shares from $135 from $150. Nvidia has rallied massively in the past few months as its market cap rose by $780 billion since September. According to a report, Goldman Sachs’ analyst Toshiya Hari believes that Nvidia’s approach to tackling the rising AI workload in the industry will push the price of NVDA higher. 

Microsoft and Alphabet, the parent company of Google, are among the many tech firms that have invested heavily into AI. Hari expects Nvidia to benefit from the rising demand from these hyper scalers and from the debut of the new Blackwell chip.

According to the data from Google Finance, shares of Nvidia were trading at $131.84, down 4.52% at the close on Tuesday. In pre-trading hours, NVDA fell 6.23%, though the share price remains quite close to its all-time high.

Read also: 2024 Crypto Trends: AI, Blockchain Gaming, Memecoins, & RWA Deep Dive

AI Tokens’ Performance

In the past seven days, AI tokens have turned green, as per the data from CoinMarketCap and leading cryptocurrencies in the sector, Near Protocol (NEAR), Artificial Superintelligence Alliance (FET), and Render (RENDER) have surged 1.5%, 2.6%, and 2.5% in the past week, respectively. 

At the time of publication, NEAR was trading at $4.95, down 2.39%; FET was priced at $1.45, down 3.90%; and RENDER had dropped 4.28% to $5.42. Despite these recent dips, these altcoins have shown strong performance over the past 30 days, with NEAR up 23.50%, FET gaining 9.16%, and RENDER rising 9.05%.