Nvidia (SYM: NVDA) is looking interesting again.
After plummeting from about $130 to $106.21, the tech giant has become technically oversold. It’s also over-extended on RSI, MACD and Williams’ %R.
Helping, Bank of America just reiterated NVDA as a buy with a price target of $165.
“AI capex is not just driving new business opportunities, it’s also critical in protecting existing moats and large profit pools in search, social and enterprise (chat, copilot) workloads. The tech industry will give itself at least another 1-2 years of intense buildout of NVDA Blackwell chip with its 4x lift in AI training and 25x+ lift in inference,” said the firm, as quoted by CNBC.
In addition, while there were reports the company was facing a subpoena from the U.S. Justice Department, the company denied it.
