Nvidia is an American multinational corporation and technology company headquartered in California. It is a software and fabless company which designs graphics processing units (GPUs), application programming interfaces (APIs) for data science and high-performance computing or the mobile computing and automotive market. Nvidia is also a dominant supplier of Artificial Intelligence (AI) hardware and software.
Last week, $NVDA replaced Tesla as Wall Street’s most traded stock, adding to its prominence after becoming the third-most valuable U.S. company and showing more evidence of how central AI-related bets have become to investors. About $30 billion worth of Nvidia shares changed hands daily on average over the past 30 sessions, pulling ahead of Tesla, which averaged $22 billion per day over the same period.
At the beginning of 2024, Nvidia’s opening price was $492.21. Prior to that time, the all-time high of $NVDA was at $505.70. On the 8th of January, a breakout to the upside occurred as price rallied to the current high which is $746.51. The all-time high of $NVDA was reached on the 12th February 2024. Nvidia Investors are smiling to the bank as the stock rose by 50.2%. Nvidia might lose its bullish momentum to the bears as price could fall below $600 in the coming weeks. The stock market could be largely affected.
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