Nvidia Corp. shares are on track Monday to log their longest winning streak in nearly seven years as they hover near their all-time high.
The chip giant earlier Monday introduced its new artificial-intelligence chip, promising significant performance improvements relative to the prior model.
The H200 is the first graphics-processing unit from Nvidia
to feature HBM3e memory, giving it more bandwidth and capacity and highlighting “the importance of memory in next-gen AI workloads,” according to Wells Fargo analyst Aaron Rakers.
Nvidia shares were up 1.1% in midday trading Monday and cruising toward their ninth session in a row of gains. If the stock ends in positive territory on the day, it would clinch its longest winning streak since Dec. 27, 2016, when it rose for 10 trading days in a row, according to Dow Jones Market Data.
The stock has advanced nearly 20% over the current nine-session stretch.
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Nvidia shares, which recently changed hands at $488.56, are hovering roughly 1% below their all-time closing high of $493.55, which was achieved Aug. 31.
Mizuho desk-based analyst Jordan Klein weighed in Monday on Nvidia’s rally over the past week, writing that the gains in Nvidia, Broadcom Inc.
and Taiwan Semiconductor Manufacturing Co. Ltd.
shares seemed to reflect traction among “real” long-only investors and retail buyers, while gains for Advanced Micro Devices Inc.
and chip-equipment shares seemed more like a short squeeze.
Nvidia shares have enjoyed a 240% climb so far this year. The company is due to report fiscal third-quarter earnings Nov. 21 after the closing bell.
See also: AMD just delivered a ‘revelation.’ Why some on Wall Street still have pause.