Nvidia’s stock hits a four-digit milestone, surpassing $2.5 trillion in market cap after a strong earnings report. A 10-for-1 stock split aims to attract new investors. Will the bullish trend continue?
For the first time, Nvidia’s stock price has reached a four-digit figure, and its market capitalisation has exceeded $2.5 trillion, ranking third globally after Microsoft and Apple. This rise follows a strong earnings report, driven by high demand for AI chips:
→ Earnings per share: actual = $6.12, expected = $5.60
→ Gross revenue: actual = $26.04 billion, expected = $24.59 billion
Nvidia also announced a 10-for-1 stock split to make shares more accessible and attract new investors, which should support NVDA stock in the future.
While yesterday’s main session closed around $950 per share, the price rose about 6% in after-hours trading. This brings NVDA’s year-to-date increase to over 100%. Will the rally continue?
On March 28, in the article “NVDA Losing Leadership?“, we:
→ Noted signs of weakness relative to the S&P 500 index
→ Constructed an ascending blue channel
→ Suggested a potential pullback to the $800 level
The NVDA chart shows that after these signs of weakness, the price dropped to the lower boundary of the channel on April 19, briefly falling below $800. However, the bulls then resumed the upward trend, yielding results.
Given NVDA’s pre-market price, it’s reasonable to assume today’s main session will open around $1,010. Therefore, technical analysis of the NVDA daily chart today shows:
→ The price remains within the ascending channel
→ The price is breaking through the $960 level with a bullish gap, which can now act as support
→ If the bullish momentum from the earnings report continues (as it did on February 22), NVDA’s price could approach the median line of the ascending channel
According to TipRanks, the average analyst target price for NVDA is $1,104.62, but this may be raised given Nvidia’s strong forecasts for the next quarter.
FXOpen offers spreads from 0.0 pips and commissions from $1.50 per lot. Enjoy trading on MT4, MT5, TickTrader or TradingView trading platforms!
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
