Nvidia Corp (NVDA) stock reached a new milestone on Monday, climbing 4.14% to close at an all-time high of $143.71. This remarkable performance didn’t go unnoticed, particularly by CNBC’s Jim Cramer, who took to X (formerly Twitter) to declare, “Nvidia, own it don’t trade it.” He questioned the decision of those who sold in the low $200s due to negative analyst opinions.
Wedbush Securities analyst Dan Ives echoed Cramer’s bullish sentiment, responding with trophy emojis signifying achievement and success. Cramer has consistently employed similar enthusiastic market language when discussing both Nvidia and Apple Inc.
The semiconductor giant’s stock fluctuated between $138 and $143.71 during the session, marking both an intraday and 52-week high. This represents a significant jump from its 52-week low of $39.23.
This surge is a direct result of the burgeoning demand for Nvidia’s graphics processing units (GPUs). Hyperscalers, companies that operate large-scale data centers, are driving this demand as they expand their infrastructure with advanced AI capabilities. Nvidia has recently bolstered its AI portfolio with the introduction of a new model, Llama-3.1-Nemotron-70B-Instruct, which reportedly outperformed competitors in benchmark tests.
This development underscores Nvidia’s continued dominance in the AI sector. Analysts have labeled this position a “generational opportunity.” This sentiment aligns with Ives’ observation that a growing number of companies, beyond traditional AI leaders, are capitalizing on the technology revolution.
Despite the stock’s stellar performance, experts believe there’s still room for growth. Tech bulls predict that the stock could double over the next several years, propelled by strong demand for GPU chips and early adopters starting to see a return on their investment.
Nvidia’s stock soared 4.1% on Monday, closing at $143.71. While it is down 0.70% in premarket trading on Tuesday, year-to-date, the stock is up 198.34%. This impressive growth trajectory paints a compelling picture for Nvidia’s future, as it continues to ride the wave of AI adoption and innovation.