Nvidia (NVDA) stock was up on Wednesday alongside reports of a unique strategy to keep gamers satisfied as artificial intelligence (AI) data centers hog all of its best graphics processing units (GPUs). According to the latest reports, Nvidia intends to restart production of the RTX 3060, a GPU that was released in 2021 and ended production in 2024.
Claim 70% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Reliable sources claim that Nvidia will start making RTX 3060 graphics cards again in the first quarter of this year. Doing so would allow gamers to acquire a GPU that offers more power than Sony’s (SONY) PlayStation 5, even if it lags behind newer offerings, such as the RTX 40 Series and RTX 50 Series cards. The cards may also come at a reduced price of $200, which makes sense considering the $300 MSRP for the RTX 5060.
While an unconventional move for Nvidia, the growing demand for its GPUs and ongoing RAMpocalypse lend credence to the idea. It would help NVDA still compete with GPU rival Advanced Micro Devices (AMD) in the consumer market without limiting its AI focus. It also makes sense that Nvidia would choose the RTX 3060 to revive, as it’s currently the most popular GPU on PC gaming platform Steam.
Nvidia Stock Movement Today
Nvidia stock was up slightly in pre-market trading on Wednesday, following a small dip yesterday. The shares have also experienced a minute climb since the start of the year, and have gained 33.54% over the past 12 months.
NVDA stock hasn’t seen strong trading activity today, as only about 2.2 million shares have changed hands this morning. For comparison, that’s well below its three-month daily average trading volume of about 155 million units.
Is Nvidia Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Nvidia is Strong Buy, based on 39 Buy, one Hold, and a single Sell rating over the past three months. With that comes an average NVDA stock price target of $263.39, representing a potential 40.67% upside for the shares.
