Nvidia Stock Hits Record High as GTC and Big Tech Earnings Loom

Nvidia stock price soared to a record high, continuing a strong comeback that started when it bottomed at $189.6 in July this year. NVDA jumped to a high of $237.27, bringing its market capitalization to over $5.72 trillion. So, will this rally continue ahead of the upcoming GTC event?

Nvidia GTC Event is Coming Up

NVDA stock price continued its strong rally, reaching a new all-time high as investors reacted to the weak US nonfarm payrolls (NFP) data. The report showed that the economy created just 29k jobs, while the jobless rate rose from 4.1% in August to 4.2% in September.

That report, together with the falling diesel prices, means that the Federal Reserve will not be in a hurry to hike interest rates. Technology companies tend to do well when the Fed is not hiking interest rates aggressively.

The next important catalyst for Nvidia shares will be the upcoming GTC Conference that happens later this month. GTC is one of the most important technology events in the industry. It is usually a gathering that brings together developers, researchers, and other companies in the AI space.

The main thing to watch will be the statement by Jensen Huang, the CEO, who will share his thoughts on the company and the industry. Historically, Nvidia shares always react to the GTC event since it normally unveils new products.

Big-Tech Earnings are Coming Up

The other crucial catalyst to watch will be the upcoming big-tech earnings reports. Taiwan Semiconductor, the biggest fabrication company in the world, will publish its financial results on October 15. These results are usually important because they are a barometer of the semiconductor industry, where it is the top manufacturer. In most cases, a strong report is a sign that Nvidia, its biggest client, is doing well.

ASML, which makes advanced photolithography systems, will also publish its numbers on October 14. Like TSMC, its numbers are usually seen a barometer for the AI industry.

Most importantly, Nvidia’s biggest clients will also publish their results. Google will go first on October 20th, followed by Tesla a day later. Meta Platforms, Microsoft, Meta Platforms, and Amazon will publish their earnings a week later.

In the past, these numbers are watched closely because of their capital expenditures. If these firms show that they will continue spending, it means that Nvidia will continue thriving. The results will be notable since Nvidia will publish its numbers in November.

These numbers will help to determine whether Nvidia’s growth will continue. Analysts already expect the company’s revenue to continue doing well. The average estimate is that its revenue surged by 91% in the last quarter to over $109 billion.

Nvidia Stock Price Technical Analysis

The daily chart shows that the NVDA stock price peaked at $236 earlier this year and then lost momentum. Eventually, it dropped and formed a double-bottom pattern at $189.66 and a neckline at $213. A double bottom is one of the most common bullish reversal patterns in technical analysis.

The stock made a bullish breakout on August 5 and retested that level twice more. It has now moved above the all-time high of $236, a sign that bulls have now prevailed. At the same time, the Average Directional Index (ADX) has jumped to 16 and is pointing upwards, a sign that the momentum is continuing.

Therefore, the shares will likely continue rising as bulls target the key resistance level of $250. A surge above that level will point to more gains towards $300.

This article is for informational purposes only and does not constitute financial or investment advice. Technical levels, analyst estimates and market forecasts may change as conditions evolve.