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It’s an Nvidia-led (NVDA) market once again, thanks to AI’s biggest hype man, CEO Jensen Huang.

The news: Following a closely watched keynote speech by Huang at the Computex conference on Monday, Goldman Sachs analyst James Schneider reiterated his Buy rating and $285 price target on Nvidia stock. Schneider’s price target assumes about 35% upside from current levels.

“We continue to see a positive catalyst path ahead for the stock in the coming months, including greater visibility into hyperscaler capex plans (and Nvidia’s growth) into 2027 and beyond,” Schneider said.

The analysis: Huang revealed at Computex that Nvidia will release a super PC chip in the fall that takes aim at Intel (INTC) and AMD (AMD). The news sent shares of tech players Arm (ARM), IBM (IBM), Hewlett Packard Enterprise (HPE), and ServiceNow (NOW) ripping higher on Monday. Qualcomm (QCOM) stock tanked, however, on competitive concerns, as did shares of AMD and Intel.

But what Huang said about the potential of artificial intelligence is what the AI bulls are so excited about. We won’t say these are new thoughts from the always-bullish Huang; they are more like updates to prior upbeat comments that arrive at an important moment for tech investors.

“Every company will have agents running inside,” Huang said. “Every company will see that agents will need its own operating system. Every company is asking us, ‘How do we run agents safely? How do we build agents for our own workloads?’ There are going to be so many agents; the world is no longer limited by the number of people. Those agents are going to use more tools than ever.”

Goldman’s Schneider thinks the combination of Nvidia’s new PC chip and AI potential is likely to be a key driver of the stock in the near term.

“Nvidia (with Microsoft) is pursuing its traditional PC TAM [total addressable market] more aggressively, which we believe could help drive some momentum for Windows on Arm (which has been extremely slow to date) given a concerted push with software partners,” Schneider explained.

“Second, Nvidia continues to push its advantage in datacenter-level performance and cost leadership as a key differentiator relative to competitors — which we think should allow it to maintain competitive dominance at all but the largest hyperscalers. Third, Nvidia is aggressively investing to drive the adoption of agentic AI across developers and ecosystem partners, and its Vera Rubin revenue ramp remains on track.”

The bottom line: Wall Street remains very upbeat on Nvidia, Yahoo Finance AlphaSpace data shows. Goldman’s $285 price target on the stock is toward the high end of the analyst range, with the highest belonging to DA Davidson at $300.

Nvidia’s magical spell over the broader market and tech stocks is back, for now.

Brian Sozzi is Yahoo Finance's Executive Editor and a member of Yahoo Finance's editorial leadership team. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email brian.sozzi@yahoofinance.com.

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