Nvidia NVDA Stock Hits New All-Time High

Nvidia stock hits all-time high of $504 as investors await Q3 results and Q4 guidance, driven by AI market growth.

Nvidia's stock (NASDAQ:NVDA) reached a new all-time high of $504, climbing 2.2% yesterday. As the chipmaker prepares to report its third-quarter financial results, investors are eagerly anticipating the impact of the AI boom on the company's performance.

The AI market has been making waves, with headlines about the CEO of OpenAI, Sam Altman, being ousted and immediately sought after by Microsoft to lead its AI research operations. This has underscored the increasing value of AI in the tech sector, resulting in a boost for Nvidia, whose AI chips are leading the market.

Analysts are forecasting a significant increase in Nvidia's revenue, with the company's top line expected to jump to $16.1 billion in the last quarter compared to $5.9 billion in Q3 of 2022. The surge is primarily attributed to the substantial growth in Nvidia's sales to data centers, with estimates indicating a rise to $12.8 billion in Q3 from $3.8 billion a year earlier.

Looking ahead, analysts are anticipating Nvidia to provide Q4 revenue guidance of $176.8 billion. The company's previous Q3 sales guidance had a significant impact on NVDA stock, leading to a sharp rally. Despite a 1.5% increase in the last five days, the stock has seen impressive gains of 15% in the last month, 20% in the last three months, and a remarkable 245% so far this year. With all eyes on the upcoming financial results and Q4 guidance, Nvidia's performance will continue to be a key factor for investors in the coming days.