NVIDIA, Adobe deal to unlock the power of generative AI

NVIDIA Corporation NVDA and Adobe Inc. ADBE announced a new partnership to unlock the power of generative AI.

On CNBC's Options Action, Mike Khouw of Optimize Advisors said that NVIDIA was the third-busiest single stock option, with bullish bets narrowly outpacing the bearish ones on Tuesday.

The trader sees NVIDIA's stock closing the week on a higher note.

Exane BNP Paribas analyst David O'Connor upgraded NVIDIA from Underperform to Neutral and announced a $230 price target.

On Tuesday, Nvidia CEO Jensen Huang presented the keynote address at the company's 2023 GTC conference. An Nvidia bull came away from the event with increased conviction.

Price Action: NVIDIA shares gained 1.2% to $261.99 on Tuesday.

Check this out: Top 3 Utilities Stocks That Could Rescue Your Portfolio This Month?