Nvidia shares are on the rise after achieving a series of record highs. The growing demand for the chip maker’s hardware to support artificial intelligence (AI) technology is expected to continue this week.
In premarket trading, Nvidia shares were up 1.5% at $671.69. Closing at $661.60 on Friday, the stock reached a record high of 5%.
Recent earnings reports from major technology companies, including Meta Platforms and Microsoft, have highlighted increased investments in AI technology. Now, the focus turns to Nvidia’s own earnings report on February 21.
Analysts anticipate Nvidia to report earnings of $4.53 per share for January, a significant increase from 88 cents during the same period last year. Sales are projected to more than triple, reaching $20.19 billion.
For early insights into Nvidia’s performance, the market will closely watch Monolithic Power Systems, which is set to report on Wednesday. Monolithic’s power-management devices play a crucial role in Nvidia’s graphics processing units, including their flagship H100 chip.
Nvidia’s performance has surpassed other chip makers, with Advanced Micro Devices down 0.1% in premarket trading and Intel down 0.5%.
As of Friday’s closing, Nvidia shares experienced a 27% surge over the past month. In comparison, the S&P 500 rose by 4.1%, while the Nasdaq Composite Index rose by 7.6%.
