Nvidia (NASDAQ: NVDA) stock hit a new all-time high yesterday, reaching $170.41 per share with a 4.44% gain in Tuesday’s trading session. The semiconductor giant has now achieved a market capitalization of $4.17 trillion, making it the world’s most valuable company.
If you’d invested $1,000 in Nvidia during its Liberation Day tariff slump in early April, when the stock was trading at $94.31 (its lowest price of the year), you’d be holding about $1,806 today, an impressive 80.6% return in just over three months.
Boost from China
One major catalyst for the massive run yesterday was news out of China, where U.S. regulators have given Nvidia the green light to restart sales of its H20 chip.
The H20 is specifically designed for high-performance computing and AI applications, addressing a rapidly growing market in China that had previously faced restrictions under export controls.
NVDA price forecast
Despite the recent rally, analysts are presenting mixed signals about Nvidia’s near-term prospects.
Mizuho Securities raised its price target on Nvidia from $185 to $192, reiterating an “Outperform” rating following the news of China chip approval, calling the development a “big win” for Nvidia, stating that “China can now return to being a tailwind for U.S. companies re-entering the AI acceleration market.”
However, technical indicators are flashing warning signs. According to the Relative Strength Index (RSI), NVDA is now trading above 78, its highest reading since June 2024. Notably, the last time the RSI reached this level, the stock subsequently declined by 35%. Volume is tapering, price is overstretched from its 20-day moving average, and RSI is beginning to diverge, signs that momentum may be unsustainable at current velocity.
Should profit-taking begin, key support lies at the $158–162 region, the last major breakout pivot. A deeper correction could fill the gap toward $135. While there’s no immediate bearish trigger, the elevated technical levels suggest investors should watch for potential volatility ahead.
Featured image via Shutterstock.
