The share price of Nvidia (NASDAQ: NVDA) had a volatile week, losing key support levels amid a pivotal meeting between the chipmaker’s CEO, Jensen Huang, and President Donald Trump at the White House.
With the stock hitting new lows, the $140 level for Nvidia has recently become a key indicator of NVDA’s potential to reach new highs. Therefore, seeing how the meeting impacts NVDA’s fundamentals and interaction with the $140 mark will be interesting.
As of January 31, NVDA’s share price closed at $120.54, down 3.6%, with a nearly 5% weekly drop. Despite this, the current price is relatively strong after NVDA’s significant loss on January 27, when it dropped almost 20%.
Picks for you
The recent performance saw Nvidia hit historical lows, closing below its 200-day moving average (MA) for the first time in over two years. The 200-day moving average is widely watched as an indicator for long-term price outlooks, with a close beneath it often viewed as a bearish signal.
Nvidia’s losses stemmed from concerns about big tech’s artificial intelligence (AI) infrastructure spending, sparked by Chinese AI startup DeepSeek, whose model reportedly used fewer resources than industry leaders such as ChatGPT.
DeepSeek’s rise, topping Apple’s (NASDAQ: AAPL) App Store downloads, raised questions about U.S. AI dominance and led to a $1 trillion technology stock rout.
Impact of Trump and Huang’s meeting
In this context, the meeting between Huang and Trump, which focused on AI policy and semiconductor exports, could be pivotal. Sources suggest discussions included tightening AI chip exports due to DeepSeek’s success, prompting a reevaluation of U.S. export controls.
To this end, favorable policy outcomes could boost Nvidia’s stock past $140. However, there is caution that without clear, positive outcomes from the meeting—and considering the recent market dip—reaching $140 might be overly optimistic in the short term.
NVDA stock technical outlook
Several analysts have offered their outlooks regarding Nvidia’s next price target. For instance, stock trading expert EliteOptionsTrader, in an X post on January 31, noted that Nvidia appears to be nearing a breakout, with strong upside potential on the horizon.
EliteOptionsTrader identified solid support at $120, with resistance at $127. A breakout above this level could drive NVDA to $140, with further resistance at $146 and $150.
Meanwhile, pseudonymous analyst Mike Investing highlighted a cup-and-handle pattern on Nvidia’s chart. In this bullish formation, a stock forms a rounded bottom (the “cup”), followed by a slight dip (the “handle”) before breaking out.
He pointed to institutional accumulation and potential catalysts, such as Huang’s meeting with Trump. If the pattern holds, NVDA could surpass $200 and reach new all-time highs.
“These dips are your final chances to enter before $NVDA explodes to the upside. Not to mention the CEO is meeting with Trump at the White House. $200+ incoming soon,” the expert said.
Wall Street’s take on NVDA stock price
On the other hand, Wall Street analysts have issued a mixed outlook for Nvidia stock, though many remain bullish. As reported by Finbold, Tigress Capital’s Ivan Feinseth revised his NVDA stock rating from ‘buy’ to ‘strong buy,’ with a target of $200.
The analyst sees no impact from DeepSeek’s release on Nvidia, whose advanced products remain key to tech progress. He cited The Stargate Project’s $500 billion AI investment as proof of Trump’s support.
At the same time, Citigroup’s (NYSE: C) Atif Malik reaffirmed a ‘Buy’ rating on Nvidia with a $175 price target. He dismissed DeepSeek’s cost advantage, noting its reliance on advanced GPUs, and highlighted U.S. AI firms’ edge due to unrestricted chip access.
Similarly, Cantor Fitzgerald’s C.J. Muse reiterated an ‘Overweight’ rating with a $200 target, calling the development bullish as it drives AI adoption and compute demand.
Overall, Nvidia’s long-term outlook remains bullish. However, the stock needs to target the $130 resistance level, which will rely heavily on upcoming fundamentals such as the company’s earnings.
If the technology firm beats analysts’ estimates for earnings, it would be a good starting point to move beyond the DeepSeek-driven volatility and target $140, with potential policy shifts from the Trump meeting acting as a springboard to further highs.
Featured image via Shutterstock
