Chart of the Day - Wednesday, August 23, 2023

#NVDA, 4hr

So much hate for NVDA on this platform.

NVDA doesn't care. pic.twitter.com/8vk9SIzYJx

— Yuriy Matso (@yuriymatso) August 23, 2023

Today’s Chart of the Day was shared by Yuriy Matso (@yuriymatso). The market has been waiting all week to hear from the hero of the AI narrative, Nvidia ($NVDA). The stock has been in the spotlight since its last earnings report in May, where it surged +24% and broke out to record highs. Before that report, we had said $NVDA could rally to $495, but we never thought it'd get here so fast. It closed higher by +3.17% today, and it's currently trading at record highs after hours, up another +6%. If this positive reaction holds, it will be a massive victory for the Bulls. While $NVDA is nowhere near as large as $AAPL or $MSFT, it's still the fourth largest stock in the S&P 500 and the Nasdaq.