"Nvidia Stock: Analyst Raises Price Target Amid Competition and Market Fluctuations"

Despite a recent pullback, Nvidia's stock is still up 70% this year, prompting Morgan Stanley to raise its price target on the chipmaker to $1,000. The pullback is attributed to concerns about competition from Nvidia's major customers developing their own AI chips and the release of viable alternatives by other chipmakers. However, Morgan Stanley's analyst believes Nvidia will benefit from large investments in AI by major cloud providers, such as Microsoft and Meta, and defends the stock's potential amid the recent weakness.