NVIDIA Stock Captures the 'Magnificent Seven' Crown

NVDA is now facing off two psychological milestones to start 2024

Managing Editor
Dec 29, 2023 at 10:51 AM
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It's fitting to close the book on 2023 with one last look at the most prolific stock of the year. Semiconductor stalwart NVIDIA Corp (NASDAQ:NVDA) is 0.7% higher to trade at $498.56 at last check, on track to finish the calendar year with a four-day win streak and an over 240% return. How did it all go down?

Amongst the tech disruptors labeled the 'Magnificent Seven,' NVDA outpaced them all in 2023, joining the hyper-exclusive club trillion. The Nasdaq-100 (NDX), for all its outperformance, only mustered a 55.6% return for the year.

Big Tech 2023 NVDA

Approximately 364 days ago on Dec. 30, 2022, closed at $146.14. The shares logged monthly losses in April, September, and October, but these were contained by their respective 40-, 100-, and 160-day trendlines. The equity hit an all-time high of $505.48 on Nov. 20, and the post-peak pullback once more found support at the 40-day moving average. The elusive $500 area remains resistance above, however, which coincides with the $1 trillion market cap level. 

NVDA Stock Chart

Amidst this frenetic climb, any contrarian potential has been snuffed out. There's not a single "sell" rating to be found amongst the brokerage bunch, and a slim 1.1% of the stock's total available float is sold short. 

Premium, however, is still affordably priced, per the stock's Schaeffer's Volatility Index (SVI) of 31% -- in the lowest annual percentile, meaning short-term options are pricing in lower-than-usual volatility expectations.

 

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