An intraday record was set for Nvidia Corporation shares on Tuesday, with the stock up 7.5% and trading over $250.

Even though no stock-specific news has been released so far on Tuesday, the company's shares have reached a record high of $252.59.

Harsh Kumar, an analyst at Piper Sandler, raised his price target for the stock from $225 to $260 yesterday, maintaining his overweight rating.Nvidia's Next Major Wave Of AI Revenues

Following an eBay scrape investigation, Kumar is "a bit more constructive" about Nvidia's upcoming earnings release on Nov. 17.

There may be a decoupling between bitcoin prices and secondary market GPU premiums, according to the research note from the analyst, which would replace "one of the primary investor hang-ups," centered around Nvidia.

Since there would be more availability for gaming clients before the holiday shopping season, Kumar believes that this will help the company increase its market share in the GPU area.