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.

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$15.7 trillion. That's how much PwC, one of the "big four" accounting firms, believes artificial intelligence (AI) could add to the global economy annually by 2030. That sort of boost doesn't come along very often. The technology has true revolutionary potential that we probably haven't seen since the introduction of the internet.

Nvidia Corp.'s stock was the second-best performer in the S&P 500 in Monday afternoon action, moving the company closer to a milestone market capitalization. Shares of Nvidia were up 3% with about an hour left in the session.