NVIDIA Corp NVDA reached a new milestone Monday, with its shares climbing 4.14% to close at an all-time high of $143.71, prompting a notable response from CNBC’s Jim Cramer.
What Happened: Following the stock’s record-setting performance, Cramer took to X (formerly Twitter) stating, “Nvidia, own it don’t trade it,” while questioning the decision of those who “sold in low 200s because of negative analysts.”
Wedbush Securities analyst Dan Ives endorsed Cramer’s sentiment, responding with trophy emojis symbolizing achievement and success.
Cramer has consistently used similar bullish market terminology when discussing both Nvidia and Apple Inc.
On Monday, the semiconductor manufacturer’s stock traded between $138 and $143.71 during the session, marking both an intraday and 52-week high, a substantial increase from its 52-week low of $39.23. The surge reflects growing demand for Nvidia’s graphics processing units, particularly from hyperscalers expanding their data centers with advanced AI capabilities.
The company recently expanded its AI portfolio by quietly introducing a new model, Llama-3.1-Nemotron-70B-Instruct, which has reportedly outperformed competitors in benchmark tests.
See Also: Palantir Technologies Unusual Options Activity
Why It Matters: This development is significant as it underscores Nvidia’s continued dominance in the AI sector, a position that has been reaffirmed by analysts as a “generational opportunity.”
This move aligns with Ives’ observation of an expanding roster of companies beyond traditional AI leaders that are now capitalizing on the technology revolution.
Despite the stock’s impressive performance, experts believe that there is still room for growth. Tech bulls predict that the stock could double over the next several years, driven by strong demand for GPU chips and early adopters starting to see ROI.
Price Action: Nvidia’s stock surged 4.1% on Monday to close at $143.71. While it is down 0.70% in premarket trading on Tuesday, year-to-date, the stock is up 198.34%, according to Benzinga Pro data.
Read Next:
Image Via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.