NVIDIA (NVDA): Targeting $166 amid AI momentum

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NVIDIA continues to dominate the AI and computing landscape, with a significant development in Japan: SoftBank’s telecom unit will soon receive Nvidia’s advanced Blackwell chip design for its supercomputers. The upcoming earnings report on November 20 is critical in sustaining NVIDIA’s exceptional growth trajectory.

CEO Jensen Huang’s company has projected third-quarter revenue of approximately $32.5 billion, propelled by substantial demand for Hopper and Blackwell GPUs. These GPUs are crucial for strengthening NVIDIA’s data center segment, which currently operates with an impressive 68% margin. Priced between $30,000 and $40,000, Blackwell chips are already seeing high demand, with production scaling in Q4 2024.

From a technical perspective, NVDA still has room to grow, with a targeted area of $166 or higher in the short term. We are closely monitoring the stock for either a move into this target or a shift in market structure that could change the outlook.

Stay tuned for updates as we approach the earnings call and as NVIDIA continues to set new milestones in the tech space.