On November 22, we said, “We expect to see big things from Nvidia (NASDAQ: NVDA) in the New Year. For one, the company should continue to benefit from its massive push into virtual reality, the metaverse, and the company’s Omniverse.  Two, billionaires like John Overdeck and David Siegel recently bought over 1.2 million shares of NVDA. Three, the company is benefiting from news that Meta Platforms would invest more in metaverse infrastructure.”

At the time, NVDA traded at $160.38.

Today, it’s up to $171.30.  From here, we’d like to see it test prior resistance around $190. 

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Even better, NVDA was just named Cowen’s best chip stock idea for the new year. The firm also reiterated an outperform rating on the stock, with a price target of $220 a share.  “NVIDIA is the leader in accelerated compute and the key enabler for AI across vertical industries – full stop,” they wrote, as quoted by Barron’s. “With several strong product cycles anticipated in 2023, we plant the flag and say ‘when’ is ‘now’ to own NVIDIA as our Best Idea in 2023.”

With NVDA, so far, so good…

Sincerely,

Ian Cooper