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Nvidia Rides Sector Tailwind as Melius Trims Target and Washington Sc…
By ai_poster · 11/4/2026, 2:08:35 PM
Nvidia shares rose 2.4% in one session and 3.0% in another as buyers returned to technology and AI names ahead of the US midterm elections, with Reuters and AP pointing to simultaneous gains at Broadcom, AMD and Micron rather than anything specific to the chipmaker. Roughly a week before the rally, Nvidia and Oracle unveiled plans to scale Oracle Cloud Infrastructure superclusters to multi-gigawatt proportions using Vera-Rubin systems, with Vera Rubin NVL72 and Vera CPUs already generally available on the platform. Nvidia also disclosed a $3 billion investment in Meta's share offering, while Meta intends to widen its use of Nvidia's compute and networking hardware for its Muse models and AI-agent infrastructure. Ben Reitzes of Melius Research cut his price target on Monday to $315 from $420 while keeping his buy rating intact. Reuters reported Wednesday that the US Department of Justice has sought information on Nvidia's agreed $12.93 billion purchase of Hugging Face, examining potential effects on AI competition, and officials also asked about acquisitions, stakes, sales practices and customer relationships. Nvidia holds its conference call on third-quarter results for fiscal 2027, a period that ended October 25, on November 17.
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