Red-Hot Nvidia Rally To Pause? What's Going On With The Stock
Portfolio Pulse from Shanthi Rexaline
Nvidia Corp. (NASDAQ:NVDA) shares, after closing above $700 for the first time, saw a slight decline in Thursday's premarket session. The company, a leader in AI technology, has experienced a significant rally, closing 2023 as the best-performing S&P 500 stock with a 239% jump. Year-to-date, NVDA's stock has surged nearly 42%, driven by its dominant position in AI accelerator chipsets. Analysts have raised expectations ahead of its Q4 results due on Feb. 21. Despite a minor premarket dip, the outlook remains positive due to the ongoing AI revolution.
February 08, 2024 | 1:49 pm
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Nvidia Corp. experienced a minor premarket dip but maintains a strong year-to-date performance with a 42% increase, driven by its dominance in AI technology and positive analyst expectations ahead of its Q4 earnings report.
Despite the slight premarket dip, Nvidia's strong fundamentals, dominance in AI technology, and positive analyst expectations ahead of its Q4 earnings report suggest a positive short-term impact on its stock price. The ongoing AI revolution and Nvidia's near-monopoly in AI accelerator chipsets further bolster the optimistic outlook.
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