Shares of Nvidia Corp. established record highs for a second consecutive session Thursday, after analysts cheered the chip maker’s new data-center offering that Chief Executive Jensen Huang called “the most expensive computer project the world has ever done.”

At the keynote address of Nvidia’s NVDA, -0.40% annual GPU Technology Conference on Wednesday, Huang showed off the new Tesla Volta server processor architecture, the latest offering for Nvidia’s booming data-center business. He highlighted the gigantic expense of developing the Tesla V100 chip, which leverages Nvidia’s recent advances in deep learning.

“The R&D budget was $3 billion and this is the first one, so if anyone would like to buy it, the price is $3 billion,” Hung said while holding the first V100 off the assembly line.

The Volta unveiling was one of the highlights of Nvdia’s GTC conference, which has grown in stature as the Silicon Valley company has become a leader in artificial intelligence, which it is marketing for data centers, high-performance computing and autonomous vehicles. Huang also announced a new partnership with one of the world’s largest car makers, Toyota Motor Corp. TM, +0.72% , to incorporate the Drive PX platform into future Toyota self-driving automobiles.

Huang’s speech came a day after Nvidia’s quarterly earnings report, which sent the stock to its second-largest one-day gain of all time as well as intraday and closing record highs as analysts frantically raised price targets. Shares gained another 4.3% to more records Thursday after analysts again praised the company for its new data-center offering and other efforts announced at GTC, sending Nvidia’s market capitalization higher than $75 billion for the first time. Nvidia’s market cap is now approaching chip companies like Qualcomm Corp. QCOM, +0.27% and Texas Instruments Inc. TXN, +0.51% , both of which are valued at roughly $81 billion.

Nvidia stock is now up more than 250% in the past year, while the S&P 500 index SPX, -0.84% has increased 16% in the same time.

RBC Capital Markets raised its price target on Nvidia to $150 from $138 on Thursday afternoon, thanks to “increased confidence around data-center growth” after an event for analysts at GTC. Analyst Mitch Steves also said he thinks total artificial-intelligence applications can grow faster than even the current rise for Nvidia’s server business, potentially at a rate of more than 200%.

“For data center, we see no slowdown in sight and believe the segment can continue its torrid triple-digit growth in 2017 and beyond,” wrote Steves, who has an outperform rating on the stock.

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In its session with analysts, Nvidia said that the total addressable market for its server chips will grow to $30 billion by 2020, giving plenty of opportunity for more growth. SunTrust Robinson Humphrey analysts were skeptical of that figure, noting it is 60% larger than Intel Corp.’s INTC, -0.09% industry-leading data-center group, but said they would “take some time to analyze the feasibility of such a ramp.”

Still, Nvidia’s GTC presentations convinced those analysts on two important points.

“While AI technology is nascent today, it will likely become pervasive in the future in fields ranging from transportation to medicine to security to finance, and Nvidia’s massive parallel architecture that forms the basis for GPUs makes the company uniquely (perhaps luckily) positioned to lead with technology (from chips to software to systems) to support the rapid growth of AI,” they wrote, while maintaining a hold rating and $124 price target.

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J.P. Morgan analyst Harlan Sur has a similar view of the company, maintaining a $122 price target and hold rating based on his belief that shares are “fully priced at current levels” while seeing a large growth opportunity.

“We expect the data-center segment to grow strongly going forward as hyperscale customers continue to embrace GPU-accelerated deep learning for processing large data sets,” Sur wrote Thursday morning. “We are encouraged by strength in the automotive and enterprise segments as well, although strong adoption of autonomous driving in the market remains to be seen.”

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Sur called the Toyota partnership a “significant win,” and Susquehanna Financial Group’s Christopher Rolland concurred by calling it a “big win” that should be viewed as a negative for Mobileye NV US:MBLY and its eventual owner, Intel.

Pacific Crest Securities analysts also mentioned a threat to Intel, but in the data-center field.

“Nvidia is actively touting its Tesla GPUs as able to replace hundreds of traditional servers with only CPUs in terms of deep learning computing performance, according to its internal estimates,” they wrote. “This could become a headwind to Intel’s DCG business until it releases its Crest family of AI chips.”

Pacific Crest retained an underweight rating on Nvidia with a $99 price target, while Susquehanna maintained a neutral rating and $110 target.