Stock Of Nvidia Hits All-Time High As New Gaming Cards Drop

Nvidia Corp. witnessed a significant surge in its shares on Thursday, coming close to its all-time high, following the company's announcement of a range of high-performance gaming cards specifically targeting budget-conscious consumers.

‍

During the trading session, Nvidia shares reached an intraday high of $318.24 before closing at $316.78, marking a 5% increase and positioning the stock just 5% below its all-time closing high of $333.76 achieved on November 29, 2021. The last time shares closed at a similar level was on December 8, 2021, when they ended the day at $318.26, according to Dow Jones data.

‍

Nvidia unveiled its "Ada Lovelace" architecture-based RTX 4060 Ti 8GB gaming card, which will be priced at $399 and available from May 24. Additionally, the RTX 4060 Ti 16GB version, starting at $499, is set to be released in July. Nvidia also announced the launch of the plain RTX 4060, starting at $299, which will be available in July as well. The company stated that these cards offer twice the performance capability of the latest gaming consoles.

‍

Nvidia's shares have already more than doubled in value compared to eight months ago, when the company was actively clearing inventory ahead of the "Lovelace" architecture launch while also facing challenges due to certain technology bans imposed by China.

‍

In late March, Nvidia made waves at its GTC conference by showcasing its expertise in AI and capitalizing on the growing popularity of artificial intelligence technology, especially with the mainstream adoption of Microsoft Corp.-backed OpenAI's ChatGPT generative AI.

‍

Year to date, Nvidia shares have experienced a remarkable 117% increase, surpassing the performance of the broader market, with the S&P 500 index up 9.3% and the tech-heavy Nasdaq Composite Index up 21.2%.

‍