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- ChatGPT viral craze has led to add $5.1Billion to the founder of Nvidia company
- NVDA price has recently seen a fall but may see a reversal. It is trading near $191.62
Nvidia is a technology company that specializes in the production of computer graphics cards and processors. The company has been around for over two decades and is widely recognized as one of the leading producers of graphics processing units (GPUs) in the world. Nvidia stock has been a popular investment option for many years, due to the company’s strong financial performance and promising growth prospects. Nvidia’s GPUs are used in a wide range of applications, including gaming, data center computing, and artificial intelligence. The company has been at the forefront of technological advancements in these areas, which has helped it maintain its position as a market leader. The company’s continued investment in research and development has also enabled it to stay ahead of the competition and offer innovative products to its customers.
With the rise of open AI tool Chat Gpt trader are betting strongly on the chip makers like NVDA.Jensen Huang the CEO of the company has seen a wealth addition by more than $5 Billion. Nvidia’s role as a dominant player in the chip making has made it an attractive bet for the wall street traders.Analysts of big banks have declared NVDA as a potential winner for the AI hype.
Are Bulls Of NVDA With The ChatGpt Hype?
The weekly technical chart of the NVDA suggests an upside growth in the price. On the daily chart it is trading near the value of $191 with a loss of 5% in the past 24 hours. The sudden drop can be speculated as a profit booking by the investors. It may see a reversal as the hype around AI continues to grow. The upside move of NVDA can see a halt near $200. Meanwhile a bounceback in the price can be seen near $180.It is currently trading above the 50 and 100 DMA which is also acting as a support for the price. On the 4 hour chart the coin price may see a downside move before bouncing back to a new high. Various analysts are speculating a strong growth in the near future
Conclusion
The hype with AI and Chatgpt has made NVDA to see a strong growth in 2023. NVDA stock price is currently in a downside move but can see a move to a new high in the future.
Technical Levels
Major Support:$180
Major Resistance: $200
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
