Jim Cramer Says Nvidia 'Still Undervalued' Despite 4% Jump To Record High
Portfolio Pulse from Benzinga Neuro
NVIDIA Corp (NASDAQ:NVDA) shares jumped over 4% to a record high of $514, following its presentation at CES and updates on its China business. Despite the stock's significant growth, CNBC's Jim Cramer believes Nvidia is still undervalued. Nvidia is starting mass production of AI chips for Chinese customers in compliance with U.S. export rules, even as Chinese tech giants plan to reduce orders in favor of local suppliers. Nvidia also unveiled new GPUs at CES. Cramer has consistently supported Nvidia, even with competition from Microsoft Corp (NASDAQ:MSFT) and market rumors.
January 09, 2024 | 6:39 am
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NEUTRAL IMPACT
Microsoft's development of in-house AI chips presents competition for Nvidia, but Jim Cramer's continued support for Nvidia suggests that the impact on Microsoft may be limited in the short term.
Microsoft is a large and diversified company, and while its move into AI chips is a competitive development, it is unlikely to have a significant short-term impact on its stock price, especially given the broader market's focus on Nvidia's recent achievements.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
NVIDIA's stock reached a new high, and despite competition and market rumors, Jim Cramer's endorsement suggests strong investor confidence, potentially leading to continued positive performance in the short term.
The stock's recent performance, combined with positive media coverage and endorsement by a high-profile financial analyst, could lead to increased investor interest and a potential short-term uptick in stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100