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Home Economy Nvidia Stock Hits Record High at $143.71
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Nvidia Stock Hits Record High at $143.71

by October 23, 2024
by October 23, 2024 0 comment
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Nvidia Stock Hits Record High at $143.71

Nvidia (NVDA) stock went up to a new all-time high on Monday to reach $143.71 per share, an increase of more than 4%. This impressive performance comes from the analysts of Wall Street who were incredibly optimistic about the AI chipmaker because of the earnings report coming in November.

The rise is due to consistent expectations and better uplifting sentiment around the company’s AI technologies, which have now partly propelled market developments through technology.

Bank of America (BAC) holds an important position in the market. For example, they noted the top of the price on Nvidia to $190 from $165 because of the good demand. Meanwhile, CFRA, an investment research firm, raised its target from $139 to $160. In the end, analysts are looking not far away from stocks rising towards the $148.37 level for the year ahead. Nvidia, for example, has been up by approximately 3% in the past week and by over 20% in the entire month.

Strong Analyst Support Fuel Nvidia’s Market Leadership

The spike in the sales of Nvidia’s AI chips is mainly caused by the major technology companies that include these chips in data centres for AI purposes.

The successful ones are making the biggest contributions to AI stocks due to the most promising reports. They have outpaced the expectations of Wall Street while boosting trust in the AI chip market. Analysts predict this market’s growth will be 99% in 2024 and 74% in 2025. This would put Nvidia in a position to maintain its leadership.

Although the future of Nvidia seems to be very appealing, some analysts argue that a slowdown in AI investments would have a negative impact on the company’s share price.

75 analysts assess Nvidia. 67 of them strongly recommend buying the stock, while only one suggests selling. This shows analysts have high confidence in the company’s long-term growth prospects.

Nvidia (NVDA) Stock Chart Analysis

NVDA/USD 15-Minute Chart

As we examine the performance of Nvidia’s (NVDA) equity, we can observe a very strong bullish sentiment that is continuing to push the security to new heights of success. The price of the stock closed at $143.70 after a 0.96% increase on that day.

When looking at the 15-minute candlestick chart, we can see a decisive bullish action during the day, drunk in a short negative trend, especially after the sharp dip of 128.74 on the 15th.

The stock’s breaking out the level near $142 strengthens the market’s bullish view because we approach the report of Nvidia earnings for November. There are several features that stand out in the chart; namely, the chart has quite clearly been restored. Also, the ongoing buying pressure is apparent and seems to show optimism about the company being a major player in the AI revolution.

Nvidia Poised for Further Gains, Stock Poised to Surpass $145

We expect Nvidia to carry on receiving the results from rising demand for AI chips, as its partnerships and the positive results from suppliers such as Micron and TSMC are the ultimate reasons. Such news can lift not only pure AI stocks but also across the board other sectors, and the key factor in this development is Nvidia’s leadership in this space.

We should watch for potential pullbacks. The example from earlier this month shows why planning is crucial. However, the price targets are rising, and the market’s optimism is unshaken, so we believe Nvidia will soon surpass $145. In the short run, we predict that the shares could hit the $148-$150 level, given there are no unexpected turnarounds in the market.

Get involved ahead of the stock market – thanks to Nvidia’s bullish trend and the AI boom being a major driver of the company’s growth, the time is now to look at the NVDA for your biggest bets. Catch the breakout you could have missed the next time!

The post Nvidia Stock Hits Record High at $143.71 appeared first on FinanceBrokerage.

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