NVIDIA Corp (NVDA)

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Here's what could lead to Nvidia's next boom
13.04.2024

Shares of Nvidia ( NVDA ) were slightly lower at the start of the day on Friday, although the week was generally positive after briefly entering correction territory.

Investors are now turning their eyes to upcoming earnings reports from major tech companies, focusing in particular on any indication of increased investment in artificial intelligence (AI) technologies.

Shares of Nvidia fell 1.6% to $891.68 in early trading on Friday, after rising 4.1% to $906.16 at the close on Thursday.


Despite starting the week at levels around $830, Nvidia shares have rebounded, though they are still short of their recent highs near $950. Whether the stock moves beyond that range may depend on signs of increased customer spending, particularly on Nvidia's new line of Blackwell chips, as the tech giants report earnings in the coming weeks.

Nvidia shares held steady despite a flurry of AI chip announcements from rivals such as Intel, Google Alphabet and Meta Platforms during the week. Marvell Technology also jumped into the fray on Thursday, announcing at an event the addition of a third hyperscale cloud company to its list of AI clients.

Marvell has revealed plans to manufacture an AI accelerator for this unnamed customer, with production to begin in 2026. Analyst Christopher Roland of Susquehanna Financial Group speculated that the mystery customer could be Microsoft.

Shares of Nvidia are up 83% year-to-date through Thursday's close, outpacing the S&P 9.0's 500% gain and the Nasdaq Composite's 9.5% gain over the same period.