Chipmaker Nvidia’s share price rose on Tuesday, continuing a multi-month rally, following a “buy” recommendation from HSBC.

Lee was the only one of almost 50 analysts covering Nvidia to give a negative valuation to the chipmaker. He has now raised his price target on Nvidia to $355 from $175.

Thanks to a more than 90% rally this year, Nvidia is among the most dynamic stocks in the S&P 500. It has risen about 150% from its October low, but the stock is still down about 17% from its record highs of November 2021.

Investors are widely betting that Nvidia will continue to be a major player in the emerging wave of A.I. computing. HSBC predicts that NVIDIA will hold 90% of the market in fiscal 2024.

With a market capitalisation of $687 billion, Nvidia has become the fifth most valuable company on Wall Street, behind Alphabet, Amazon and Microsoft.

Most of Nvidia’s growth has come in the last three months, as the public launch of an AI-powered chatbot called ChatGPT in late November sparked a new wave of enthusiasm for so-called generative AI and how it could revolutionise services such as web search, product design, texting and programming.

The new technology requires intensive computing power in data centres, where Nvidia has already built up a large and growing business for its GPUs and software designed for AI applications. On Tuesday, the company made a number of announcements at the annual GTC developer conference, which focused mainly on generative AI capabilities.