Blowout Earnings Push Nvidia Stock to Record Highs

NVDA conquered the previously resistant $1,000 level

Digital Content Manager
May 23, 2024 at 10:17 AM
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Semiconductor staple NVIDIA Corp (NASDAQ:NVDA) yesterday reported a top- and bottom-line beat for the first quarter, as well as a 10-for-1 stock split. The results affirmed the company's dominance over the artificial intelligence (AI) space, and boosted the Nasdaq Composite (IXIC) and overseas markets as a result. The company issued an upbeat second-quarter revenue forecast as well, and teased a new chip that is in production.

The security drew at least 20 price-target hikes in response, with Jefferies and Benchmark both adjusting up to $1,350 -- the highest of the bunch. This is particularly impressive because the majority of analysts are already bullish on NVDA, with 36 of 39 calling it a "buy" or better.

Shares were last seen up 9.2% at a fresh all-time high of $1,037.10, and boast an 238% year-over-year lead, with a 108.6% gain amassed so far in 2024. Nvidia stock is also now trading firmly above the $1,000 level, which acted as resistance in March and earlier this month.

The options pits are more active than usual today. So far, 399,000 calls and 244,000 puts have already crossed the tape -- four times the volume that is normally seen at this point. The most popular contract is the weekly 5/24 1,050-strike call.


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