Loop Capital analyst Ananda Baruah on Wednesday raised his price target on Nvidia shares to $250, the highest of Wall Street analysts tracked by Yahoo Finance, implying that the AI chipmaker’s market capitalization could soar to $6 trillion. Baruah expects the market for AI chips to grow to $2 trillion in 2028.

Nvidia (NVDA) shares rose more than 4% Wednesday to notch a new record high of $154.31, completing a remarkable turnaround from earlier this year. The chipmaker's stock was up over 1% in premarket trading on Thursday.

Nvidia's stock hit a record high on Wednesday, and the chipmaker reclaimed the crown as the world's most valuable company after an analyst said the chipmaker was set to ride a "Golden Wave" of artificial intelligence.