NVDA: Nvidia Slams All Time High, Bigger than Microsoft

Nvidia (NVDA) closed at a record high on Wednesday, reclaiming its position as the most valuable company globally.

Nvidia trying to recover some of last year's losses

Quick overview

  • Nvidia (NVDA) closed at a record high, becoming the most valuable company globally with a market cap of nearly $3.77 trillion.
  • CEO Jensen Huang highlighted a multitrillion-dollar growth opportunity in AI and robotics during the company's annual shareholder meeting.
  • Analysts believe Nvidia will benefit from rising demand for sovereign AI across various sectors, including cybersecurity and healthcare.
  • Technical indicators suggest bullish momentum, with a potential golden cross forming as the 50-day moving average approaches the 200-day moving average.

Nvidia (NVDA) closed at a record high on Wednesday, reclaiming its position as the most valuable company globally.

The move pushed the company’s market capitalization to nearly $3.77 trillion, surpassing Microsoft’s (MSFT) $3.66 trillion amid reports that CEO Jensen Huang stated at the tech giant’s annual shareholder meeting on Wednesday that the company has a multitrillion-dollar growth opportunity in AI and robotics.

Positive Wall Street commentary also supported the stock, with analysts noting that the chipmaker is poised to benefit from increasing demand for sovereign AI, as nations leverage the technology to address critical cybersecurity, healthcare, defense, industrial, and financial needs.

Nvidia’s stock increased within a rising wedge last month after surpassing its 200-day moving average (MA), and on Wednesday, it broke out of the pattern. Moreover, the relative strength index supports bullish momentum; however, a reading above 70 warns of overbought conditions, which could lead to short-term profit-taking.

It’s also worth noting that the 50-day MA is about to cross above the 200-day MA, forming a bullish golden cross, a chart signal indicating the start of a new upward trend.

 

ABOUT THE AUTHOR See More
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks the financial markets with over 15 years of working experience in investment trading.

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