Catenaa, Wednesday, May 13, 2026- Nvidia stock rallied on Wednesday after a dip the day before, following news that CEO Jensen Huang joined a delegation of US CEOs accompanying President Donald Trump on a diplomatic visit to China.
Nvidia and other chip stocks tied to the artificial intelligence megatrend also received positive analyst reports on Wednesday that dismissed concerns of an AI bubble.
The Philadelphia semiconductor index, known as SOX, rose nearly 2% on Wednesday morning, rebounding from a 3% decline on Tuesday.
BofA Securities analyst Vivek Arya raised his price targets on Nvidia stock, as well as fellow chipmakers Advanced Micro Devices, Marvell Technology, and Micron Technology. He reiterated his buy ratings on all four stocks.
In morning trades on the stock market today, Nvidia stock climbed more than 2% to 226.53. Earlier in the session, it hit a record high of 227.16.
Upcoming catalysts for Nvidia stock include the company’s May 20 earnings report, the launch of its Vera Rubin AI computing system, and possible news at the Computex trade show, Arya said.
BofA forecasts data center spending rising from $772 billion this year to more than $2 trillion by 2030, with a compound annual growth rate of 32% over the five years.
Meanwhile, Micron, which wiped out roughly $100 billion in market value at Tuesday’s low, surpassed a $900 billion market cap on Wednesday.
The stock was tracking its worst day in more than a year before buyers stepped in, turning a near-breakdown into the latest stress test for the AI-memory trade.
Reaching this valuation threshold would position Micron as the 11th most valuable US corporation. The semiconductor manufacturer now trails pharmaceutical powerhouse Eli Lilly by a relatively narrow margin, with Lilly currently valued at nearly $944 billion. To officially achieve the $900 billion mark, Micron must close at $798.06 or higher.
The stock’s upward trajectory follows an optimistic assessment from Bank of America, which elevated its price objective while reaffirming its Buy stance.
The financial institution highlighted strengthening demand fundamentals for AI-focused data center infrastructure and anticipates accelerated AI-driven revenue growth along with improved profitability metrics beginning in 2026.
BofA simultaneously revised its projection for the AI data center addressable market in 2030 upward to $1.7 trillion from $1.4 trillion. This substantial increase reflects mounting confidence that demand for memory semiconductors has significant expansion potential ahead.
Institutional investment firms collectively hold more than 80% of Micron’s equity and have demonstrated consistent accumulation patterns throughout the trailing twelve months.
This concentrated institutional ownership typically establishes price support during market corrections.
However, preliminary second-quarter data reveal some distribution patterns among major stakeholders, which analysts identify as a factor potentially contributing to near-term price consolidation. Key support zones around $695 and $545 are currently monitored by technical analysts.
