Russ Cohen

Nvidia’s Breakout Performance in 2024 Nvidia’s Breakout Performance in 2024

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:

Revenue Trend

Source: InvestingPro

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