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Nvidia Stock Hits Record High of $146.47

by November 8, 2024
by November 8, 2024 0 comment
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Nvidia stock soared by 5% on Wednesday, reaching a new record high of $146.47, with the company’s market value being $3.58 trillion. With this increase thus, Nvidia is now the world’s most valuable company, beating Apple whose market value is now around $3.38 trillion. This landmark event demonstrates that Nvidia is back at the top of the valuation list for the first time since late October.

The recent up spike is a part of the larger technology rally in the sector. Nasdaq 100 till now increased by nearly 3% after the victory of Donald Trump. Nvidia went up at an incredible rate, much faster than Apple’s, which increased by 0.12% in the midday. Microsoft is the third company to reach this level, with a market capitalization of $3.12 trillion.

AI Leader Nears $4 Trillion Valuation

Nvidia’s stock success has been really incredible, more so since the ChatGPT release two years back. The firm has become the main supplier of AI-optimized GPU chips, and as a result, Nvidia has increased almost $3.2 trillion in its market cap with the stock climbing by approximately 800% during that period.

Wall Street remains optimistic about Nvidia, with some analysts predicting the company could reach a valuation of about $4 trillion. Bank of America, however, is the only financial institution to have increased its rating on Nvidia to $190 through a price target, thus calling it a “generational opportunity” as the company persists in its AI dominance.

Moreover, Nvidia is going to be added to the Dow Jones Industrial Average, replacing Intel, by Friday. Coming in from the quarter’s results on November 20th, the whole world will be gaping at the tech giant as to whether or not it has the capacity to maintain its high growth.

Nvidia Stock Chart Analysis

The NVIDIA (NVDA) 15-minute chart shows contradicting trends lately.

Most interestingly, on the 30th and 31st of October, the price sharply fell, followed by a dip of around 132.12, which turned out to be a major positive factor. The stock has recovered so powerfully. Hence, it can be seen. During the last few trading sessions, the stock price of NVIDIA has been increasing, hitting a high mark of 146.22 on November 7th.

The RSI, or Relative Strength Index, is presently sitting at about 64.30, below the overbought threshold of 70, and it thus indicates that the latest bullish trend may have room for more but may also be near a resistance level. The last topping RSI was at 76.09, which is a sign of overbought conditions that usually serve as a warning of an impending pullback or a consolidation phase.

From a technical perspective, the market has had a few minor setbacks, but the stock is still in an upward trend of short-term nature. A successful break over 146.22, together with strong volume, would mean more upside is possible.

Conversely, if such a trend is stable within the slice at a lower RSI level, it may indicate a possible consolidation phase or a small decrease.

The post Nvidia Stock Hits Record High of $146.47 appeared first on FinanceBrokerage.

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