Nvidia stock (NVDA) is aiming for a new all-time high close as investors continue to bet on the artificial intelligence boom.
The stock traded flat midday Wednesday at $133. It previously hit a record closing price of $135.58 in June.
Nvidia stock notched its fifth consecutive day of gains Tuesday, rising 4% to $132.89. Shares are up 12% from last week.
The stock’s climb has been fueled by a barrage of good news for the AI chipmaker. Wall Street analysts this week have reiterated their Buy ratings on Nvidia shares. KeyBanc released a report estimating that Nvidia revenues from its new Blackwell chips alone will reach $7 billion in the fourth quarter, while demand for its older GPUs “remains extremely robust.” A potential new wave of funding for AI startups would add to Nvidia’s coffers as well, Wedbush analysts said Tuesday.
Nvidia also showcased the strength of its software offerings during its AI Summit in D.C. The same day, Nvidia and Foxconn announced plans to build Taiwan’s largest supercomputer during Foxconn’s annual technology showcase event in Taipei. Foxconn also provided details about a mega-factory it’s building to assemble Nvidia servers using its Grace Blackwell chips in Mexico, reducing Nvidia’s reliance on China amid heightened trade tensions.
Deepu Talla, Nvidia’s vice president for AI and robotics makes a speech at Foxconn’s annual tech day in Taiwan on Oct. 8, 2024. (REUTERS/Ann Wang) (REUTERS / Reuters)
Nvidia’s weeklong ascent has more than reversed earlier declines following the release of the company’s second-quarter earnings. Shares sank in late August after Nvidia failed to beat analyst expectations as much as investors had hoped. They fell further on a Bloomberg report that the company was subpoenaed by the US Department of Justice in early September, which Nvidia denied. Fears of disruptions to demand from China, due to rising trade tensions with the US, had also driven shares down. Nvidia’s recent volatility has been amplified by its 10-for-1 stock split in June.
Other positive news in the semiconductor sector…
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