Nvidia Reaches All-Time High
- Nvidia stock achieved a record-breaking all-time high, surpassing $540 per share.
- Speculation arises regarding the potential for the stock to continue its upward trajectory.
- Approaching a critical resistance level at an average of $495, a weekly close above this threshold could reignite the rally, setting sights on $730 and even $1000.
Nvidia (NASDAQ:) soared by an impressive 239% in 2023, significantly contributing to the ‘s 24% gain. The Santa Clara, California-based company, geared towards artificial intelligence (AI), has vaulted to a new all-time high in the new year, outstripping the S&P 500’s sideways movements.
Is Nvidia’s Rally Sustainable?
One of the major catalysts behind Nvidia’s remarkable performance last year was its consistently surpassing financial results. The company has solidified its position as a dominant force in the rapidly evolving AI landscape, solidifying its market leadership with its chip production powering AI applications.
In Q3, Nvidia demonstrated a staggering sales surge of over 200%, reaching $18.1 billion compared to the previous year. Consequently, the company’s net profit skyrocketed from $700k to an impressive $9.2 billion, as indicated by the latest quarterly results. See below:
Source: InvestingPro
