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Trends & Analysis
News

GBP/USD recovers following wage report

News

Buy the JPMorgan dip?

News

Goldman Sachs shares surge after earnings beat

News

Keep an eye on these key S&P 500 levels

News

US big banks report better-than-expected earnings

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Crude oil declines on profit taking

Asset Watch

Ride NVIDIA’s hot hand in 2024?

Thursday, December 14, 2023

U.S. equities gained more momentum on Dec. 12 when a calm inflation print was the latest fundamental development to increase optimism. And with tranquil Treasury yields enhancing the appeal of technology stocks, NVIDIA continues to chase $500.
Yet, TD Cowen analyst Matthew Ramsay expects the stock to hit $700 in 2024. He told clients on Dec. 12, “NVIDIA is the leader in the most consequential growth vector of computing arguably ever (and certainly since the advent of the Internet). We name NVIDIA our Best Idea for 2024.”
He added:
“We view the total addressable market as more than sufficiently large to allow for material upside to NVIDIA and a second source player, and believe both NVIDIA and AMD can emerge as AI ‘winners.”

As Wall Street seemingly brims with AI confidence, more upsides could be on the horizon for December.

The stock broke above resistance from its descending triangle on Dec. 12 and has been making higher highs and higher lows since bottoming in early December. After a breakdown below the 50-hour moving average occurred in late November, the metric roughly ended three rally attempts en route to the December low.

But, with NVIDIA currently trading above the 50-hour MA and the blue line poised to keep rising, the outlook is bullish as long as the stock holds above the level.

So, while $700 may be on the docket in 2024, how long could it take for NVIDIA to close above $500?


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