Still going strong: Traders all-in on Nvidia hype train
Nvidia’s shares hit an all-time high on Tuesday, just before the chip designer shares its earnings later today.
Stock in the Nasdaq-listed company soared to an all-time high of $481.87 on Tuesday at market open before dipping 2.76 per cent again yesterday. On Monday, the shares received an eight per cent boost.
It surpassed its previous July peak of $480.88.
The bumper for Nvidia comes as it is gearing up to report second quarterly results when the New York market opens today.
Analysts are expecting a 65 per cent year on year sales surge to $11.1bn (£8.7bn) due to its successful AI segment.
Earnings per share are predicted to leap 305 per cent to $2.07.
The American tech company is riding high after a successful first half, with shares skyrocketing over 200 per cent since January, and analysts foreseeing more gains.
One told City PM last week that there is “more juice to be squeezed from the Nvidia orange”.
Nations are desperate to get their hands on Nvidia’s high performance chips which can be used to power increasingly vital AI systems.
As investors pin their hopes on Nvidia, analysts are also warning that any minor disappointment could be enough to send the shares downhill.