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Nvidia Stock Is Rising Again after a 2% Gain on Wednesday — What’s Driving the Rally?
Chip giant Nvidia NVDA +1.66% ▲ continued to move higher in after-hours trading on Wednesday after closing 2% higher in the regular session. The stock gained after Iris Energy IREN +12.84% ▲ said it has entered purchase agreements for more than 50,000 Nvidia B300 GPUs, showing continued strong demand for Nvidia’s AI chips.
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Another factor supporting the stock is a large purchase by billionaire investor Leo KoGuan, who revealed that he bought 1 million shares of Nvidia earlier this week and plans to buy another million soon. KoGuan is best known for being one of the largest individual investors in Tesla TSLA +3.44% ▲ . Reports suggest his Tesla holdings once exceeded 27 million shares, making him a major supporter of the electric-vehicle maker.
Iris Energy Expands Nvidia GPU Orders
Iris Energy said the new agreements will expand its total GPU fleet to 150,000 units. The company expects to deploy the additional chips through the second half of 2026 across its data centers in Mackenzie, British Columbia, and Childress, Texas.
The expanded fleet is expected to support AI cloud annual run-rate revenue of more than $3.7 billion by the end of 2026. Iris Energy also said it has secured $9.3 billion in funding over the past eight months, including customer prepayments, convertible notes, GPU leasing, and GPU financing.
The company expects to invest about $3.5 billion in additional capital spending to support these GPU orders.
Is NVDA a Strong Buy?
Overall, Wall Street has a Strong Buy consensus rating on Nvidia stock based on 38 Buy, one Hold, and one Sell recommendations. The average NVDA stock price target of $271.11 indicates 48.57% upside potential.
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