The price of Nvidia (NVDA) touched an all-time high on Tuesday as markets rallied from a recent correction.
NVDA – Daily Chart
The price of NVDA touched a new all-time high above $152, and the price pulled back sharply to $146 on the same day. That highlights resistance but may not last long if markets remain calm.
CEO Jensen Huang’s keynote speech at the tech industry’s annual CES trade show in Las Vegas sent shares higher to build on a record closing price on Monday.
Huang’s presentation provided updates on new Nvidia products, previewing what’s next for the artificial intelligence market. The key update from the AI chipmaker was a new artificial intelligence superchip called GB10 used in its new client supercomputer.
The supercomputer is small enough to fit on a desktop and priced at $3,000. The new product, ProjectDIGITS, will be available in May. The product will bring the company’s Blackwell line to smaller customers and could spark new income streams for Nvidia.
Analysts at Stifel, Wedbush, and Truist all reiterated their Buy ratings on the stock after Huang’s CES speech. Analysts now predict the stock will rise to an average of $172.80 over the next 12 months.
Market darling of 2023-24, Nvidia rose to new highs in July and topped a $3 trillion market cap, making it the world’s largest company at one point. Investors hope that market gains will continue in a Trump-led presidency, which will get underway in full after the Jan 20 inauguration.
