Nvidia has finally hit a new all-time high. Now the only question is how long it will take the chip maker to become the first company ever to reach a $6 trillion valuation.

Nvidia shares were up 0.9% at $240.93 in premarket trading. The stock closed up 2.1% at $238.90, marking its first record close since May and valuing the company at close to $5.76 trillion.

The next milestone isn’t far off. Nvidia would have to trade above $248.96 to be valued at $6 trillion, according to Dow Jones Market Data, assuming its current outstanding share count remains the same. That figure is subject to change as Nvidia is currently carrying out the largest-ever stock buyback.

Will it get there? BNP Paribas Equity Research analyst Karl Ackerman thinks so. He just raised his price target on Nvidia to $345 from $285 in a research note on Monday, pointing to the growth of artificial-intelligence agents which will need more hardware.

“Nvidia’s broadening portfolio of rack-scale AI hardware coupled with its extensive CUDA software libraries is unmatched and arguably becomes more important with agentic AI,” Ackerman wrote.

In Ackerman’s reading, Nvidia doesn’t have to do that much different to what it is currently doing as it dominates the AI chip market. He projects Nvidia is set to take more than three quarters of the total market for computing power in dollar terms. His price target is based on a price-to-earnings multiple of just 15 times his forecast for the company’s 2028 earnings plus its cash.

“Nvidia is the most profitable semiconductor company, and we argue its CUDA [software] moat and rack-scale advanced co-design capabilities will enable it to sustain over 70% gross margins despite competitive threats,” Ackerman wrote.

Nvidia was a Barron’s stock pick in May when it was trading at around $226. We wrote at the time that the stock could hit $300 over the following 12 months. The path looks clear.