What does Nvidia do?
Nvidia Corporation is an American multinational corporation and technology company headquartered in Santa Clara, California, and incorporated in Delaware. It is a software and fabless company which designs and supplies graphics processing units, application programming interfaces for data science and high-performance computing as well as system on a chip units for the mobile computing and automotive market. Nvidia is also a dominant supplier of artificial intelligence hardware and software.
What has NVDA stock been doing?
For 6 months leading up to Jan 2024 Nvidia was trading relatively flat not exceeding resistance at around $505. Then in early January trading volume ramped up 2x and 3x and broke through resistance. The Nvidia stock rose through early march hitting a top at $875, representing a ~84% increase in just a little over 2 months. The demand for chips to power artificial intelligence must have been stronger than ever.
Should I Buy NVDA Tomorrow?
No. The stock’s has wobbled recently, on Friday March 8th NVDA stock closed down 6% and Monday March 11th closed down another 2%. It is possible that the stock will pull back slightly and continue its parabolic rise, however given the recent sharp downturn and high trading volume it would be wise to wait and see where it goes as there may be an opportunity coming up to buy NVDA stock on a pullback. If you currently hold the stock, now might be a good time to sell and take profits!
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