At $838, Nvidia (SYM: NVDA) is an oversold bargain.
Not only is it just starting to pivot from support at around $750, it’s over-extended on RSI, MACD, and Williams’ %R. From its current price, we’d like to see NVDA above $1,000 this year. All as it remains a dominant leader with artificial intelligence and machine learning.
The stock could see a boost early next week after it appears on 60 Minutes this Sunday. Anchor Bill Whitaker will be interviewing Chief Executive Jensen Huang, with the two discussing the “artificial intelligence revolution” that the company helped usher in via its “groundbreaking software and graphics processing unit,” says Seeking Alpha.
NVDA is also getting a boost from Elon Musk, who just said Tesla could need about 85,000 NVDA H-100 GPUs by the end of the year, up from 35,000.
Even better, according to CFO Colette Kress, the supply of current artificial intelligence GPUs is improving and demand is strong. Plus, the company expects its “next-generation products to be supply constrained as demand far exceeds supply,” as noted by Barron’s.
In short, weakness is opportunity with NVDA.
