Strategists said they changed their price target after a meeting with Huang. The Nvidia CEO spoke of the company's advantage over other chipmakers, and the bank said that Nvidia's "competitive moat" is built on the firm's installed base, its innovation, and its "robust and growing" software offerings.

Shares of artificial intelligence darling Nvidia closed at an all-time high Monday, just a week after the stock set its previous record.

Chip giant Nvidia ( NVDA) has had a huge 2024. The stock is up nearly 179% this year, 2.4% last week, and 13.6% in October alone. The Friday close of $138 was just below its peak close of $138.07, set on Oct.