The AI behemoth surged to fresh all-time highs overnight following its impressive earnings beat, pushing the AI trade back front and centre into investors’ minds and, of course, the media. Other chip plays and companies that NVDA have invested in, like SoundHound (SOUN US) and Arm (ARM US), all rallied in unison. Nvidia may be trading on a high valuation, but when after its profits grew 580% last year, it’s hard to argue against how the markets are pricing the stock.
- Technically and fundamentally, Nvidia looks phenomenally strong – traders should be long or out.
MM is cautiously bullish on Nvidia even as it approached $US800
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