NVIDIA, the chip giant, saw its market value soar by nearly $300 billion in January, achieving the largest monthly increase in history.In January, NVIDIA's stock price rose by over 24%, and its market value increased by an unprecedented $296.52 billion, surpassing the previous record of $248.23 billion set in May 2023. As of the close of the U.S. stock market on Friday, NVIDIA's market value reached $1.63 trillion, making it the fifth largest listed company in the world.<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/5784ecab-a4e6-45a7-8e58-81390deb0222.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/5784ecab-a4e6-45a7-8e58-81390deb0222.png"/>Recently, NVIDIA's rise has been driven by the market's optimism towards AI, positive analyst forecasts, and the company's announcement to expand its range of AI products.In early January, NVIDIA announced the launch of the GeForce RTX 40 Super series graphics cards for desktops, which feature high-performance generative AI capabilities. The company has also made progress in AI-related components and software, leading to a continuous surge in NVIDIA's stock price.This week, major U.S. tech giants have released better-than-expected earnings reports, and their executives have mentioned the need to &#34;spend money on AI to make money.&#34; The commitment to increase AI spending continues to boost NVIDIA's stock price.NVIDIA CEO Jensen Huang stated that as many countries around the world strive to establish and operate their own AI infrastructure, this will drive up demand for NVIDIA products.In a report on Friday, Bank of America analyst Vivek Arya pointed out that NVIDIA's quarterly revenue for the quarter ending in January will reach $20 billion, and for the quarter ending in April, it will reach $21.4 billion, exceeding market expectations by 3% to 5%. At the same time, the target price for NVIDIA has been raised from the previous $700 to $800.

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The market's optimism towards AI, positive forecasts from analysts, and the company's release of new AI products have all boosted NVIDIA's stock price. Bank of America Merrill Lynch has raised its target price to $800.

Monthly market value soars nearly $300 billion! NVIDIA is "red hot"