Artificial intelligence (AI) market darling Nvidia (NVDA) starred on Wall Street in the first quarter of 2024, with investors bidding 🌼up the AI chipmaker’s stock amid insatiable enterprise AI demand, a blowout quarterly earnings report, and the unveiling of its next generation Blackwell platform. 

Early in the quarter, the Santa Clara, California-based company benefited from an accelerating investor frenzy in 澳洲幸运5官方开奖结果体彩网:AI stocks as enterprises beefed up spending on AI infrastructure to meet the technology's continued widespread adoption. Its stock climbed to a new 澳洲幸运5官方开奖结果体彩网:all-time high (ATH) in early February after investment bank Goldman Sachs (GS) lifted its price target on the shares based on its AI prospects and the chipmaker's ability to innovate. "We believe Nvidia will remain as the industry gold standard for the foreseeable future, given its robust hardware and software offerings and, importantly, the pace at which it continues to innovate," the bank said.

In late February, Nvidia quelled fears of an AI-fueled stock market bubble by delivering a blowout fourth quarter 澳洲幸运5官方开奖结果体彩网:earnings report that saw the chipmaker post a 265% year-over-year (YOY) jump in revenue and issue a bumper outlook, with Nvidia CEO Jensen Huang telling analysts “fundamentally, the conditions are excellent for continued growth” in 2025 and beyond.

The AI poster child capped of its impressive quarter by launching its next generation Blackwell platform at its highly-anticipated 澳洲幸运5官方开奖结果体彩网:GTC developers conference held earlier this month, helping to solidify its dominance of the AI market. At the event it also announced key partnerships with other 澳洲幸运5官方开奖结果体彩网:Magnificent Seven members, including Amazon (AMZN), Microsoft (MSFT), and Alphabet's Google (GOOGL).

Looking at share price performance, Nvidia’s stock jumped 82.5% in the first quarter to $903.56, adding to its three-fold gains last year. In addition, the chipmaker’s shares registered the second highest gain in the 澳洲幸运5官方开奖结果体彩网:S&P 500 over the period behind 澳洲幸运5官方开奖结果体彩网:index newcomer Super Micro Computer (SMCI), which saw it shares soar more than 250%. Breaking down performance by month, Nvidia shares gained 24.2% in January, 28.6% in February, and closed out March adding 14.2%.

Taking a look at the technicals, Nvidia shares started the quarter testing the closely watched 澳洲幸运5官方开奖结果体彩网:50-day moving average (MA) before starting t✱heir remarkable trend higher. Through Thursday’s close, the price trades around 18% above the indicator, highlighting the bullish momentuജm surrounding the stock. 

Currently, the price continues to consolidate within a narrow channel slightly below its record high. Looking ahead, investors should monitor for breakouts in either direction of this pattern for indications where Nvidia’s stock may be headed next. A move below the bottom trendline could see a retest of the 50-day MA and possible 澳洲幸运5官方开奖结果体彩网:double top formation, while a breakout above the 🐎upper trendline could see the stock continue to make new highs.

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