Nvidia Corp (NASDAQ:NVDA) shares are rising on Thursday, helped by improved market sentiment after softer November inflation data. The stock is also moving with other chip stocks after Micron Technology Inc (NASDAQ:MU) delivered stronger‑than‑expected quarterly results and upbeat guidance.
What Happened: Micron reported fiscal-quarter revenue of $13.64 billion, topping analyst estimates of $12.83 billion, according to Benzinga Pro. Adjusted earnings came in at $4.78 per share, well above expectations of $3.95 per share.
Looking ahead, the company projected second-quarter revenue of $18.7 billion, give or take $400 million, ahead of the $14.16 billion analysts had forecasted. The semiconductor company also guided for adjusted earnings of $8.42 per share, plus or minus 20 cents, nearly doubling expectations.
Meanwhile, U.S. inflation came in softer-than-expected, which is lifting broader markets. U.S. consumer prices rose 2.7% year‑over‑year in November, well below economist expectations of 3.1%.
However, the moderation may be partly technical. The 43‑day government shutdown delayed data collection into late November, when holiday discounts were widespread, per Reuters. The shutdown also forced the cancellation of October’s CPI release, leaving gaps in the data.
This disruption raises questions about the true inflation trend. Economists expect price growth to pick up again in December, adding pressure on households already strained by affordability issues tied to import tariffs.
Technical Analysis: Nvidia is trading below its key moving averages, signaling short‑term bearish pressure. The stock sits 3.4% under its 20‑day SMA, 6.5% below its 50‑day SMA and 4.5% under its 100‑day SMA, showing difficulty in building upward momentum despite the bounce in shares on Thursday.
The RSI is at 36.97, a neutral reading. This suggests the stock isn’t strongly overbought or oversold although it is approaching oversold conditions. MACD is currently below its signal line, another sign of bearish momentum in the short term. A rebound remains possible if buying interest continues to pick up.
Support is currently at $169.00. A break below this level could point to further downside. Meanwhile, resistance is at $196.00, and a move above it would be key for any sustained recovery.
Over the past 12 months, Nvidia has gained 35.19%, showing a stronger long‑term performance despite current short‑term weakness.
The stock is trading at 69.7% of its 52‑week range, closer to the highs than the lows. While this leaves room for growth, traders should be mindful of potential resistance ahead.
NVDA Price Action: Nvidia shares were up 2.32% at $174.91 at the time of publication on Thursday, according to Benzinga Pro.
Read Next:
Image: Shutterstock
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
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.