AI powerhouse NVIDIA Corporation (NASDAQ:NVDA) surged to an all-time high on Wednesday after an exceptionally bullish note from Loop Capital ignited investor enthusiasm.

NVIDIA closed up 4.3% to $154.31. It is the stock’s first new high since January.

Loop Capital raised its price target to a Street-high $250 per share, implying a staggering $6 trillion market valuation.

In the report, Loop analyst Ananda Baruah wrote that the firm’s research indicates “we are entering the next ‘Golden Wave’ of Gen AI adoption,” with NVIDIA positioned “at the front-end of another material leg of stronger-than-anticipated demand.”

Baruah estimates that spending on Gen AI and AI Accelerator compute—from Hyperscalers, Sovereign AI efforts, Neocloud providers, and Enterprises—could climb to $2 trillion by 2028, based on current compute economics.

Loop also noted that Hyperscalers are increasingly shifting away from CPU-based compute, targeting 50–60% of total installed compute to be non-CPU by the end of the cycle, up from just 12% at the start of this year.

Additionally, the firm notes that NVIDIA’s next-gen Blackwell chips are expected to reach full production volume by the October quarter. Reasoning models, they added, are proving far more token-intensive than previously realized, while inferencing and AI factory demand are ramping up quickly.

Baruah’s $250 price target is based on a 31x multiple of their FY 2028 EPS estimates of $8.00.