Mercedes-Benz Joins Forces with Tesla to Revolutionize Electric Vehicle Charging in North AmericaJuly 11, 2023
Unraveling the Mysteries of Fidelity Low Duration Bond Factor ETF.July 28, 2023
Nvidia (NVDA), a data center and gaming behemoth, remains hot. The chipmaker is often regarded as one of the greatest beneficiaries of the AI revolution. Is Nvidia stock a good investment right now?
Nvidia CEO Jensen Huang launched a new supercomputer, software, and services for generative AI (artificial intelligence) on May 30. By evaluating and digesting massive volumes of data, generative AI may generate content, even written articles, from basic descriptive words. It is also capable of writing computer programming code.
Nvidia outperformed Wall Street expectations in its most recent quarter, thanks to record data-center sales. According to CEO Huang, production is ramping up to satisfy the high demand for AI technologies.
Nvidia is the market leader in AI processors. The powerful processors required for generative AI, such as the ChatGPT chatbot, are critical in the tech industry's intense quest for AI domination.
Technical Analysis of the Nvidia Stock
The chip stock is stretched from a purchase point of 419.38, indicating that shares are not in the buy zone. The breakout from a three-week tight pattern provided an opportunity for current investors to acquire a few more shares.
On July 14, the stock reached a 52-week intraday high of 480.88.
Nvidia stock soared in May on the strength of its results and forecast. NVDA stays on the IBD Leaderboard, having joined the elite list in February on the strength of an earnings disparity.
Nvidia stock has risen 211% year to date through July 14, after collapsing in 2022. So far, the chip titan has held up admirably.
NVDA receives the maximum possible IBD Composite Rating of 99. In other words, in terms of technical and fundamental measures, Nvidia stock is in the top 1% of all equities.
Welcome to WordPress. This is your first post. Edit or delete it, then start writing!