Nvidia Corp. shares are poised to extend gains for a 10th consecutive session, their longest streak of advances since a record-setting dash in December 2016, as the world’s most valuable chipmaker updates its artificial intelligence processor.
Nvidia has climbed about 20% during the course of this latest rally, adding about $200 billion in market value, according to data compiled by Bloomberg. That’s as rivals are scrambling to come up with alternatives to challenge its AI dominance.
The stock has rallied more than 230% this year through Monday’s close, making it the best performing component on both the Nasdaq 100 and S&P 500 indexes as the AI-driven frenzy fueled rallies this year. The latest surge comes as technology stocks rebound amid hopes that Federal Reserve interest rates have peaked.
Update On Nvidia's Chip
Nvidia said its updated chip, called the H200, will get the ability to use high-bandwidth memory, or HBM3e, allowing it to better cope with the large data sets needed for developing and implementing AI.
Nvidia Set To Report Earnings On Nov. 21
Nvidia, which had been under pressure last month as new US rules banned the sale of its cutting-edge chips to China, is scheduled to report earnings on Nov. 21.
Price Momentum
NVDA is trading near the top of its 52-week range and above its 200-day simple moving average.
What does this mean?
Investors have been pushing the share price higher, and the stock still appears to have upward momentum. This is a positive sign for the stock's future value.
Nvidia has climbed about 20% during the course of this latest rally, adding about $200 billion in market value, according to data compiled by Bloomberg. That’s as rivals are scrambling to come up with alternatives to challenge its AI dominance.
The stock has rallied more than 230% this year through Monday’s close, making it the best performing component on both the Nasdaq 100 and S&P 500 indexes as the AI-driven frenzy fueled rallies this year. The latest surge comes as technology stocks rebound amid hopes that Federal Reserve interest rates have peaked.
Update On Nvidia's Chip
Nvidia said its updated chip, called the H200, will get the ability to use high-bandwidth memory, or HBM3e, allowing it to better cope with the large data sets needed for developing and implementing AI.
Nvidia Set To Report Earnings On Nov. 21
Nvidia, which had been under pressure last month as new US rules banned the sale of its cutting-edge chips to China, is scheduled to report earnings on Nov. 21.
Price Momentum
NVDA is trading near the top of its 52-week range and above its 200-day simple moving average.
What does this mean?
Investors have been pushing the share price higher, and the stock still appears to have upward momentum. This is a positive sign for the stock's future value.
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