Nvidia (NASDAQ: NVDA) Soars Above $800 – CEO Reveals New Chips For China
The US stock market is booming, with the Nvidia stock price leading the rally. The stock of the AI chip-maker has seen an exponential surge since the start of 2023. The bullish price action has continued in 2024, and the stock is now trading at an all-time high with a market capitalization of around $2 trillion.
The record surge in Nvidia shares can be attributed to the success of its flagship AI chips which have taken the world by storm. The company released its Q4 earnings report earlier this week, beating analyst estimates by a long shot.
In the fourth quarter, Nvidia Inc. reported a revenue of $22 billion, which was a 265% increase on a YoY basis. It was also well above the Wall Street consensus of $20.62 billion. The results were received very positively, and the price has been up more than 14% since then.
On Friday, NASDAQ: NVDA continued its ascent and soared above $800 for the first time in history. Whether this level holds depends on the broader market sentiment once the trading begins.
Side by side, the S&P 500 index closed at a new all-time high of 5,087 points on Thursday. This clearly indicates a strong bullish sentiment in the equity markets as the investors expect rate cuts to begin very soon.
Nvidia CEO Announces New Chips For China
As per the most recent developments for the chip-making giant, the company has revealed two new chips for the Chinese markets. According to the CEO, Jensen Huang, these chips are currently being tested by the customers and fully comply with the US regulations. In addition, Nvidia is also set to introduce H200 chips, which will be a successor to the flagship H100 GPUs.
Nvidia Stock Price Prediction & Analysis
If we analyze NASDAQ: NVDA on a 2H timeframe, we can see that the price has left a huge gap after the recent earnings release. This gap creates an imbalance between the buyers and sellers, and the price often likes to fill such gaps.
This gives the $746 level a vast significance. In case of a breakdown below this level, the Nvidia stock price prediction can turn bearish. The bearish divergences on the already oversold RSI and MFI indicators also point toward a correction. However, the bullish market structure is still intact, and bears have no chance until they push the price below $745.
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The US stock market is booming, with the Nvidia stock price leading the rally. The stock of the AI chip-maker has seen an exponential surge since the start of 2023. The bullish price action has continued in 2024, and the stock is now trading at an all-time high with a market capitalization of around $2 trillion.
The record surge in Nvidia shares can be attributed to the success of its flagship AI chips which have taken the world by storm. The company released its Q4 earnings report earlier this week, beating analyst estimates by a long shot.
In the fourth quarter, Nvidia Inc. reported a revenue of $22 billion, which was a 265% increase on a YoY basis. It was also well above the Wall Street consensus of $20.62 billion. The results were received very positively, and the price has been up more than 14% since then.
On Friday, NASDAQ: NVDA continued its ascent and soared above $800 for the first time in history. Whether this level holds depends on the broader market sentiment once the trading begins.
Side by side, the S&P 500 index closed at a new all-time high of 5,087 points on Thursday. This clearly indicates a strong bullish sentiment in the equity markets as the investors expect rate cuts to begin very soon.
Nvidia CEO Announces New Chips For China
As per the most recent developments for the chip-making giant, the company has revealed two new chips for the Chinese markets. According to the CEO, Jensen Huang, these chips are currently being tested by the customers and fully comply with the US regulations. In addition, Nvidia is also set to introduce H200 chips, which will be a successor to the flagship H100 GPUs.
Nvidia Stock Price Prediction & Analysis
If we analyze NASDAQ: NVDA on a 2H timeframe, we can see that the price has left a huge gap after the recent earnings release. This gap creates an imbalance between the buyers and sellers, and the price often likes to fill such gaps.
This gives the $746 level a vast significance. In case of a breakdown below this level, the Nvidia stock price prediction can turn bearish. The bearish divergences on the already oversold RSI and MFI indicators also point toward a correction. However, the bullish market structure is still intact, and bears have no chance until they push the price below $745.
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