Nvidia Stock Hits Record High Following U.S. Approval for AI Chip Exports to UAE

Nvidia's stock reached a record high on Thursday after the U.S. government approved the company's export of AI chips to the United Arab Emirates. The Commerce Department's Bureau of Industry and Security issued the export licenses under a bilateral trade agreement established in May, which includes the UAE's commitment to invest $1.4 trillion in the U.S. over the next decade.

On the stock market, Nvidia's shares rose 1.8% to close at $192.57, after reaching an all-time high of $195.30 earlier in the session. This surge follows the stock's breakout from a flat base at a buy point of $184.48 on September 30.

In related developments, Cantor Fitzgerald analyst C.J. Muse reiterated his overweight rating on Nvidia and increased the price target to $300 from $240, citing ongoing momentum in AI data center development. Muse noted that the industry is in the early stages of a multitrillion-dollar AI infrastructure buildout, driven by investments from hyperscale cloud service providers, AI startups, enterprise adoption, and the emergence of autonomous vehicles and robots.

Nvidia's stock is currently listed on four IBD lists: Big Cap 20, Sector Leaders, Stock Spotlight, and Tech Leaders.