From Investor’s Business Daily: 2024-07-26 13:26:00

Nvidia stock is higher trying to break a three-day losing streak but remains below its 50-day moving average. The AI giant is facing competition from AMD in the chip market. Nvidia announced new AI services to support Meta’s Llama 3.1 and plans to roll out advanced AI platforms in 2026. The stock also split recently, potentially making it a candidate for the Dow 30.

Nvidia’s first-quarter results beat estimates, with a 262% sales growth to $26 billion and earnings up 461% to $6.12 per share. The company continues to dominate in AI chips, partnering with Microsoft and showcasing AI improvements in search. Analysts have raised price targets on Nvidia. However, few mutual funds have been buying the stock recently.

Nvidia has shown strong growth with its AI products, becoming a trailblazer in the industry. The company’s chips are used across various sectors, including gaming, health care, automobiles, and robotics. Nvidia’s AI supercomputer paved the way for advancements in generative AI. The company has seen record growth in recent quarters and is expected to continue to perform well in the AI chip market.

Nvidia stock remains strong with top ratings, including a Composite Rating and EPS Rating of 99 and a Relative Strength Rating of 98. The stock is part of the Magnificent Seven stocks that led the 2023 rally. Nvidia is forecasted to outperform the market in 2024. Chart patterns suggest Nvidia is currently extended above a buy point, indicating it may be best to wait for a new base or follow-on buy point before considering a position in the stock.



Read more at Investor’s Business Daily: Nvidia Approaches Key Level After Three-Day Rout; Is It A Buy Now? Investor’s Business Daily