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In a historic feat, Nvidia stock (NASDAQ: NVDA) has broken above the $1,000 barrier for the first time in its history. The bullish price action has propelled the chip-making giant’s market capitalization to $2.56 trillion. Let’s see if there’s any potential for more upside in the coming weeks and months.
Nvdia Inc. released its Q1 earnings report on May 22. The results beat the market forecasts as the company’s adjusted earnings per share amounted to $6.12, a phenomenal 461% increase from last year. The AI tech giant also reported a record revenue of $26 billion in the first quarter of 2024, a 262% increase from last year
Along with another incredible earnings report, Nvidia also announced a 10-for-1 stock split, which will occur in June 2024. To achieve the stock split, the company would amend its Restated Certificate of Incorporation, increasing the number of shares of authorized common Nvidia stock.
After the release of the Nvidia earnings report on May 22, NASDAQ: NVDA soared in the after-hours, breaching the critical $1,000 barrier. On May 23, the price opened at $1,020.28 and formed a daily high of 1,047.27. However, on the same day, stocks of other chipmakers like Intel and AMD showed a negative price action and were down 3.15% and 2.46%, respectively.
Due to a clear break above the $974 resistance level, the outlook on NVDA has flipped very bullish. However, the massive price gap below $1,015 signals a possibility of a short-term pullback. Such gaps create imbalances in the order books and often get filled sooner or later.
In case of a pullback, the price might be supported at the $974 level, which was a previous resistance. A clear flip of this level into support would make Nvidia stock price prediction very bullish, with the first target being the 1.618 fib retracement level at $1,108. The next few days will be very critical in this regard.
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