Nvidia stock (NASDAQ:NVDA) It rose for a fifth straight day as enthusiasm for the new Blackwell platform continued to grow among Wall Street and its clients. Additionally, the company’s Artificial Intelligence (AI) Summit was held on the second day.
This news was enough to send Nvidia up 4.1% at market close.
Nvidia shines again
Wall Street continued to raise its expectations for the AI chip leader, with news that Foxconn and Nvidia are developing Taiwan’s largest supercomputer built on a new Blackwell platform. Additionally, Foxconn is building the world’s largest manufacturing facility in Mexico to bundle Nvidia’s GB200 superchip.
The move helps assure investors and customers that NVIDIA has an ample supply of new Blackwell components and signals that the company is diversifying away from Taiwan, expanding its supply to potential This will help protect against serious Chinese interference.
Bob Pette, vice president and general manager of enterprise platforms at Nvidia, also spoke about the power of the company’s accelerated computing stack in his Nvidia AI Summit keynote. “We are at the dawn of a new industrial revolution,” Pett told the audience, noting that Blackwell’s platform has improved both performance and energy efficiency.
Finally, NVIDIA continues to earn praise from Wall Street, as Cantor Fitzgerald said NVIDIA’s latest investor presentation will reinvigorate the stock price. The Information also said that the latest $6.6 billion funding round will spark a new wave of investment in AI.
Can Nvidia continue its rise?
Concerns about an AI bubble appear to be subsiding after OpenAI’s funding round reached a valuation of $157 billion, and lower interest rates should encourage spending on AI infrastructure.
Third-quarter earnings for AI stocks like Microsoft and Alphabet are also expected to be released soon, and Tesla’s robotaxi event on Thursday should also provide insight into the potential of self-driving cars.
Nvidia’s business continues to be strong and could report another huge quarter next month. There is room for the stock to rise, but investors should expect the stock to remain volatile.
Don’t miss out on this potentially lucrative second chance
Have you ever felt like you missed out on buying the most successful stocks? Then you’ll want to hear this.
On rare occasions, our team of expert analysts will issue a “Double Down” stock recommendation on a company we think is about to crash. If you’re already worried that you’re missing out on an investment opportunity, now is the best time to buy before it’s too late. And the numbers speak for themselves.
story continues
Amazon: If you invested $1,000 when it doubled in 2010, you would have earned $20,363. *
Apple: If you invested $1,000 when it doubled in 2008, you would have earned $41,938. *
Netflix: If you invested $1,000 when it doubled in 2004, you would have earned $378,539. *
We currently have “double down” alerts on three great companies, and we may not see an opportunity like this again anytime soon.
See 3 “Double Down” stocks »
*Stock Advisor will return as of October 7, 2024
Suzanne Frey, an Alphabet executive, is a member of the Motley Fool’s board of directors. Jeremy Bowman has no position in any stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Microsoft, Nvidia, and Tesla. The Motley Fool recommends the following options: A long January 2026 $395 call on Microsoft and a short January 2026 $405 call on Microsoft. The Motley Fool has a disclosure policy.
The article Why Nvidia Stock Soared Again Today was published by The Motley Fool
