AI Stocks Soar
Shares in AI powerhouse NVIDIA are trading higher ahead of the open today. The stock has risen sharply over the last week breaking out to fresh all time highs amidst a general boom in AI stocks. News that Open AI is being valued at $500 billion, up from the $300 tag given earlier in the year has sparked a fresh surge in AI stocks with investors anticipating the next AI-driven bull market. NVIDIA’S close ties with AI mean the stock is well poised to benefit from this higher valuation. NVIDIA recently detail plans to invest $100 billion in the company’s infrastructure which should then feed into increased demand for NVIDIA’s chips as the company scales up.
Fujitsu Partnership News
The stock is also rising today on news that NVIDIA and Japanese telecoms giant Fujitsu will work together to deliver AI robots and other associated technology using NVIDIA’s chips. The CEO of Fujitsu outlined his hopes for Japan to lead the world in AI and talked about the two company’s plans to build an AI infrastructure in Japan spanning healthcare, education, hospitality and more. Looking ahead, NVIDIA stock looks poised to continue higher with AI stocks across the space rallying this week.
Technical Views
NVIDIA
Price has now broken out above the 185.08 level and the 1.27% fib level and is fast approaching a test of the 1.61% fib level around 195.29. With momentum studies bullish, focus is on a continued push higher while price holds above the 185 level.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.