February 22, 2024

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NVDA Stock: Nvidia stock is approaching a buy point

NVDA Stock: Nvidia stock is approaching a buy point

Nvidia

Nvidia

NVDA


$3.04


0.61%


13%

IBD stock analysis

  • The stock formed a new flat base with a 505.48 buy point.
  • Nvidia is becoming a technological juggernaut in 2023.

Composite evaluation

Industry group classification

Emerging pattern

Flat base

*Not real-time data. All data shown was captured at 10:37 AM EST on 12/29/2023.

Nvidia (NVDA) is IBD's Stock of the Day as the graphics chip maker ends a historic year thanks to strong demand for its processors and AI applications. NVDA stock is approaching a recent buy point.




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Nvidia shares formed a flat base with a buy point of 505.48, according to IBD MarketSmith charts. This buy point is also the stock's all-time high, reached on November 20th. On November 9, NVDA broke a double-bottom base entering 476.09, MarketSmith charts show, and remains in that buy zone. . But the stock has now formed an additional base in the meantime.

In late morning trading on the stock market today, NVDA stock fell 1.3% to 488.64.

Year to date, Nvidia shares are up more than 235% after two quarters of huge sales and earnings growth. This growth has been driven by cloud providers and other organizations that have purchased GPUs from Nvidia to run generative AI applications.

Nvidia launches new gaming chip for China

But Nvidia will face increasing competition in the AI ​​chip market next year. His competitors Advanced micro devices (AMD) And Intel Corporation (you are K) recently launched its own AI accelerators.

Nvidia on Thursday introduced a modified version of its latest gaming chipset designed to comply with U.S. export controls targeting China. Reuters reported. Nvidia said the GeForce RTX 4090 D gaming chip will be available to Chinese customers starting in January.

US trade restrictions seek to prevent China from accessing advanced processors and artificial intelligence technology. The Biden administration is concerned that the Chinese military will use this technology.

In response, Nvidia is developing less powerful versions of its gaming cards and graphics processors to sell in China.

NVDA stock is listed on three IBD listings

The next catalyst for NVDA stock could be Nvidia's announcements at the CES 2024 technology trade show. Nvidia will hold an online event on January 8, one day before the conference officially opens.

NVDA stock is on three IBD stock lists: Bahraini dinar 50Leaderboards and technology leaders. Nvidia is also one of the Magnificent Seven stocks that have pushed the stock market higher this year.

Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz For more stories on consumer technology, software and semiconductor stocks.

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