NVDA daily chart
The Magnificent One™ continues to carry the S&P 500 as it’s provided more than 30% of the year-to-date gain and is adding to that today with a 4.2% climb. It’s climbed more than $400 so far this year to $897, which is a fresh record high.
Markets have turned around today in general and Nvidia is benefiting from that but it also managed to eek out a gain yesterday despite a 2% drop in the Nasdaq.
Today’s shares also got a lift as Moody’s upgraded its debt.
Last week, I made the case for why there could be a super-bubble in Nvidia shares. What will propel it in the short term is going to be a non-stop run of AI announcements. If you’ve followed any AI companies, the pace of breakthroughs has been staggering and given all the money that’s being invested, the results will continue to flow in.
NVDA is the go-to name for AI and every time there is another Sora announced, it will rise again.