Nvidia Corp. stock hit a new record Tuesday, marking its eighth consecutive week of gains.Nvidia NVDA +0.50% shares hit an intraday record high of $833.68 during the morning trading session as the broader market fell. The stock closed Friday at $819.48, a record closing price. Tuesday's close would be the third consecutive session of record-breaking closes.According to FactSet data, Nvidia shares also have a streak of seven consecutive weekly increases. This is something that the stock has not done since June 2017. Historical ceiling for Nvidia: Seven weeks of gains was Nvidia's historic limit. While there have been more than seven consecutive winning streaks in its history, the stock has yet to post eight consecutive weeks.Nvidia is well-known for its graphics-processing units that power cutting-edge videogames. However, Nvidia's technology has been more prominent in powering machine-learning and artificial-intelligence functions at data-center scale.KeyBanc Capital Markets raised its price target for Nvidia stock to $950 Tuesday. This was due to indications that Nvidia's gaming demand is strong and not inflated by the introduction of CMPs or healthy data center strengths.Also, see: Nvidia's crypto boom is the cherry on top of an amazing yearCMPs are cryptocurrency mining chips. They were introduced by Nvidia earlier in the year to discourage cryptocurrency miners buying graphics cards intended for gamers. Nvidia launched a new generation gaming card late last year. However, many gamers were unable to get them due to widespread shortages. This could have been caused by crypto miners trying to buy record amounts of bitcoin BTCUSD (-0.63%) and ethereum ETHERUSD (+3.28%). Nvidia stated that CMPs contributed $155 million to quarterly sales in May and would increase to $400 million by the end of July.Nvidia shares rose 110% over the past 12 months compared to a 62% increase on the PHLX Semiconductor Index SOX (-0.76%), a 36% gain on S&P 500 Index SPX (-0.57%), and a 40% gain for the tech-heavy Nasdaq Composite Index Comp, –0.27%.According to FactSet, 41 of the 41 analysts covering Nvidia have buy ratings, five hold ratings and two have sell ratings. The average target price for Nvidia is $742.62.
