Shares in artificial intelligence (AI) darling Nvidia (NVDA) jumped more than 6% in extended trading Wednesday after the company released another 澳洲幸运5官方开奖结果体彩网:blowout quarterly earnings report and unveiled a 10-for-1 澳洲幸运5官方开奖结果体彩网:stock split. With the stock moving above the closely watched psychological $1,000 level, here’s where the chart says the stock may be headed next.

Stock Poised to Hit All-Time High on Thursday

Nvidia shares have remained in a long-term uptrend since the 澳洲幸运5官方开奖结果体彩网:50-day moving average (MA) crossed above the 200-day MA in late January last year to form a bullish 澳洲幸运5官方开奖结果体彩网:golden cross buy signal, with buyers promptly sn🥃apping up minor retracements over the past 14 months. 

Interestingly, trading volumes have trendꦅed downward following the stock reaching its record high at $974 in early March, indicating that larger market players have remained on the sidelines ahead of the AI chipmaker’s fiscal first-quarter report.

Looking ahead, the stock looks poised to break out from a period of three-month 澳洲幸运5官方开奖结果体彩网:consolidation to a new 澳洲幸运5官方开奖结果体彩网:all-time high (ATH) on Thursday morning, which could see the shares continue their longer-term mover higher. Investors can project a future 澳洲幸运5官方开奖结果体彩网:price target using a measured move. To do this, calculate the distance in dollars of the consolidation period and add that amount to the breakout p𝐆oint. For instance, adding $210 to $970 projects a profit target of $1,180. 

For those who don’t wish to chase breakouts, during periods of weakness, look for 澳洲幸运5官方开奖结果体彩网:pullbacks to the top trendline of the consolidation period which will likely flip from a prior area of 澳洲幸运5官方开奖结果体彩网:resistance into support.

From Video Game Chipmaker to AI Hardware Giant

Nvidia 澳洲幸运5官方开奖结果体彩网:delivered another quarter of what investors have come to expect from the AI behemoth: triple-digit 澳洲幸运5官方开奖结果体彩网:revenue growth and impressive earnings beats, helping to justify the stock’s historic 25-fold rally over the past five years as it pivoted from a maker of advanced 澳洲幸运5官方开奖结果体彩网:graphics processing units (GPUs) fo༺r video gಞames to the go-to AI hardware giant it has become today.

"Death, taxes, and NVDA beats on earnings. Even in the face of huge expectations, the company once again stepped up and delivered," Ryan Detrick, chief market strategist at Carson Group, told Reuters after the report.

In recent quarters, the company’s sales have ballooned, fueled by demand for its expensive chips to develop and deploy AI applications, with tech giants including Alphabet’s Google (GOOGL), Meta (META), and Amazon (AMZN) turning to Nvidia’s chips to beef up their AI infrastructure. Moreover, CEO Jensen Huang said Wednesday that the company’s next-general 澳洲幸运5官方开奖结果体彩网:Blackwell chip, announced at its 澳洲幸运5官方开奖结果体彩网:GTC conference in March, will lead to further growth later this year.

Nvidia shares 𓄧rose 6.1% to $1,007 in after-hours trading. At that level, the stock has more than doubled since the start of the year.

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