Nvidia Corp NVDA has experienced significant growth this year, with shares rising an impressive 179.86% year-to-date and 187.99% over the past twelve months.
If Gene Munster is correct, Nvidia’s growth story is far from over. During Tesla’s much-anticipated Robotaxi event, Munster offered an intriguing insight: “Nvidia’s got a long way to run.” Following a 15.31% jump in the past month, the AI chip maker seems poised for further gains.
Nvidia: The AI Chip Leader’s Future Looks Bright
Gene Munster, co-founder of Deepwater Asset Management, remains optimistic about Nvidia’s prospects. Despite noting the absence of Tesla’s much-anticipated “affordable vehicle” at the event, his enthusiasm for Nvidia shone through in a recent post on X (formerly Twitter).
Munster estimates that Nvidia’s stronghold in AI chips positions the company for a multi-year upward trend, particularly as artificial intelligence becomes increasingly vital in technology industries.
He is not alone in his belief; the technical indicators for Nvidia stock reveal strong bullish signals overall:
Chart created using Benzinga Pro
- Nvidia stock is currently trading at $134.26, surpassing its five, 20, and 50-day exponential moving averages, which demonstrates positive momentum.
- The eight-day simple moving average is at $128.62, while the 20-day SMA stands at $122.65, both indicating bullish trends.
- Additionally, the longer-term 50-day simple moving average of $118.29 signals sustained positive momentum for Nvidia stock.
Chart created using Benzinga Pro
- Nvidia’s Moving Average Convergence/Divergence (MACD) is at 4.26, indicating further potential for stock gains.
Although the Relative Strength Index (RSI) for Nvidia sits at 66.43, hinting that the stock might be nearing overbought territory, the Bollinger Bands suggest that buying pressure remains strong.
Read Also: AMD Stock: Can Its AI Strategy Compete With Nvidia? Analyst Predicts Market Share Gains Ahead
AI’s Impact on Nvidia’s Future
The core of Nvidia’s success lies in its leadership in AI chip manufacturing. The company has positioned itself as the key supplier of computing power necessary for advancing AI technology, and Munster believes that this trend has just begun.
Companies nationwide are rushing to adopt AI, making Nvidia ideally suited to capitalize on this significant technological shift.
Munster stressed that now is the “time to own” Nvidia stock, asserting that the AI wave is gaining momentum.
Looking Ahead for Nvidia Stock
With Nvidia’s stock climbing and technical indicators suggesting further increases, it remains a favored choice among investors focused on the AI future.
Munster’s long-term perspective coincides with the optimistic outlook for Nvidia, reiterating that the company is set to maintain its leadership in the AI chip market, making this stock worth monitoring in the years ahead.
Read Next:
Image: Shutterstock
Market News and Data brought to you by Benzinga APIs