Nvidia stock was on pace to hit an all-time closing high Tuesday and extend its winning streak to four sessions. The chip maker is reacting to the competitive threat posed by rival Advanced Micro Devices, according to analysts at KeyBanc.

Nvidia shares were up 2.9% at $187.19. The stock’s all-time closing high was $183.61 on Sept. 22. The S&P 500 was down 0.1%, the Dow Jones Industrial Average fell 0.2%, and the tech-heavy Nasdaq Composite was flat.

Nvidia is the dominant artificial-intelligence processor company and that’s not set to change, according to KeyBanc analyst John Vinh. He raised his target price on Nvidia to $250 from $230 Monday and kept an Overweight rating on the stock, noting the company’s plans for its next-generation Rubin AI chips, which are set to enter mass production next year.

「Nvidia is increasing its performance requirements for Rubin in order to further distance itself from AMD,」 wrote Vinh. 「In response to AMD looking to close the performance gap with Nvidia by introducing its rack-scale MI400 solution (Helios) in 2026, supply chain feedback indicates that Nvidia has significantly increased the performance specification on Rubin.」

Specifically, Nvidia is asking memory-chip suppliers to support higher data transfer speeds and it has increased the power requirements for Rubin hardware. The latest specifications mean Nvidia’s new chip is set to have a power requirement nearly 50% higher than AMD’s MI450 chip, which is set to be the backbone of the rival company’s first rack-scale, AI server offering.

Vinh has a Sector Weight rating on AMD stock with no target price. AMD stock was down 0.1% at $161.14 on Tuesday. Among other chip stocks, Broadcom was down 0.2%.

Separately, Citi analyst Atif Malik raised his target price on Nvidia stock to $210 from $200 in a research note on Tuesday.