After failing at triple-top, Nvidia (NVDA) found strong support. At its 50-day moving average, and is just starting to pivot higher.  If it can break above its prior resistance around $497.92, it could easily break to higher highs above $500 a share near term.

As we get into New Year 2024, we’d like to see NVDA test $600. All thanks to accelerating growth and demand for artificial intelligence, for example. Helping, analysts are forecasting full-year revenue of $58.57 billion, up from $54.08 billion for the year ending January 31. For 2024, they expect revenue to come in around $88.25 billion from $79.39 billion.

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Helping even more, we have to remember that the AI market – currently valued at about $100 billion – could grow twenty-fold by 2030 to more than $2 trillion, as noted by Next Move Strategy Consulting. Even better, generative AI could add between $2.6 trillion and $4.4 trillion a year to the global economy. That’s according to a new McKinsey report, which also said it could have a significant impact across all industry sectors. 

NVDA last traded at $475.06 – up $9.10 on Friday. 


Ian Cooper