US Stock Market: Nvidia Stock (NVDA) has been experiencing significant positive momentum recently. Nvidia Stock closed at 134.91 USD with growth of 3.53 points and 2.69% as of 10 Jul’ 2024, 7:59 pm GMT-4. Nvidia Stock rose 10.92% in past five days with growth of 13.28 points.
On Wednesday, July 10, 2024, the Nasdaq Composite Index closed at a record high, marking its seventh consecutive session of gains. This rally was primarily fueled by the continued strong performance of technology stocks, including Nvidia.
Nvidia reported record quarterly revenue of $26.0 billion for Q1 of fiscal year 2025 (ending April 28, 2024). This was a significant increase year-over-year and quarter-over-quarter, driven mainly by the growing demand for AI infrastructure.
Nvidia Stock performance has been marked by strong growth and positive momentum:
- Record Revenue: Nvidia reported record quarterly revenue of $26.0 billion, a significant increase year-over-year and quarter-over-quarter.
- Data Center Growth: Data Center revenue reached a record high, driven by the growing demand for AI infrastructure.
- Gaming Rebound: Gaming revenue showed a rebound, indicating a recovery in the gaming market.
Other Recent Developments:
- Stock Split: A 10-for-1 forward stock split was effective on June 7, 2024, making the shares more accessible to a wider range of investors.
- Dividend Increase: The quarterly cash dividend was raised by 150% to $0.01 per share on a post-split basis.
Analyst Sentiment for Nvidia Stock:
Analysts remain bullish on Nvidia, with many raising their price targets due to the company’s strong performance and growth prospects in the AI market.
Nvidia stock has experienced significant growth over the past year, largely driven by the increasing demand for AI technology. Meanwhile, the stock was downgraded by New Street Research from a ‘buy’ to a ‘neutral’ rating due to valuation concerns.
Read More at Nvidia Stock downgraded due to valuation concerns | Unexpected?
Overall, Nvidia stock has been on a strong upward trajectory, fueled by the company’s dominance in the AI chip market and the growing demand for AI applications across various industries. While the stock has experienced some volatility in recent days, the overall sentiment remains positive, with analysts predicting continued growth for the company.
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