Nvidia stock price extended its hot streak on Friday, hitting new record highs of $157.67 in the opening hour of trading. The upsurge is underpinned by a resumption of an appetite for AI stocks across the broader market and Nvidia CEO Jensen Huang’s recent comments on the industry’s outlook and trajectory. Furthermore, those gains have drive Nvidia (NASDAQ: NVDA) to reclaim the top spot as the world’s most valuable company by capitalisation, with its market cap crossing the $2.7 trillion mark.
The $143 mark served as a barrier for the last five months and a breach of that level signifies a strong bullish control. While addressing an investors meeting this week, Huang stated that robotics was the next growth frontier for the company in the next decade, including autonomous vehicles which will be powered by Nvidia Drive. Nvidia stock price has gained 16% in the last month and is up by a similar margin year-to-date, with Webrush analysts raising their target to between $175 to $200 in the next twelve months.
Nvidia’s upside potential is also boosted by the thawing of cold trade relationship between China and the United States. The two nations have been embroiled in a long-running sour trade competition, which the company says will cost it $8 billion in Q2 revenue due to restrictions on H20 chips exports. Furthermore, the calming of geopolitical risks in the Middle East add tailwinds to the broader market outlook.
Nvidia Stock Price Prediction
Nvidia stock price pivots at $154 and the momentum calls for further upside. The stock will likely meet initial resistance at $160. However, a stronger momentum will clear that barrier and go higher to meet the next resistance at $165.
Conversely, breaking below $154 will invite the sellers to take control. The first support will likely be at $150. The upside narrative will be invalid if the price breaks below that level. Also, an extended control by the sellers could push the price lower to test $145.
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