Nvidia rises after HSBC upgrades to 'buy' on potential China demand recovery

Chipmaker Nvidia's NVDA.O shares rise 2.3% to $184.12 premarket

HSBC upgrades NVDA stock rating to "buy" from "hold"

An investment consortium that includes BlackRock <BLK.N>, Nvidia, xAI and Microsoft MSFT.O will acquire Aligned Data Centers in a deal worth $40 billion, the companies said

Brokerage raises PT to $320 from $200, representing ~78% upside to the stock's last close

"See potential easing of China GPU uncertainties following the potential U.S.-China trade deal that could enable Nvidia to see a demand recovery in the Chinese market."- HSBC

HSBC also sees expanding total addressable market for AI chips, adding AI GPU market growing beyond traditional cloud service providers

U.S. chipmakers also trading higher after ASML ASML.AS reports Q3 orders, operating income above market expectations

Average rating of 66 analysts on NVDA is "buy," their median PT is $214.50 - LSEG

Up to last close, stock has risen 34% YTD