Nvidia in Numbers: Chipmaker Shares Up 89% This Year, Market Cap Reaches $2.3 Trillion Ahead of Q1 Earnings
**Key Figures:**
* Market capitalization: $2.3 trillion
* Stock price increase in 2023: 93%
* Projected quarterly revenue: $24.6 billion
* Projected earnings per share: $5.62
**Stock Performance and Strategy**
Nvidia’s stock has been a star performer this year, buoyed by the surging demand for artificial intelligence (AI) and its dominance in the chip market. Analysts expect the company to continue its strong performance when it reports its first-quarter earnings on Wednesday, May 24.
However, investors should be mindful of the potential risks associated with Nvidia’s stock, including:
* **Market volatility:** The tech sector, and Nvidia in particular, is susceptible to market fluctuations, which could impact stock prices.
* **Competition:** Nvidia faces competition from other chipmakers like Intel and AMD, as well as specialized AI chip developers like Google and Amazon.
* **Dependence on specific sectors:** Nvidia’s reliance on the gaming and cryptocurrency markets makes it vulnerable to changes in these industries.
**Support Levels for Potential Entry Points**
Despite these risks, Nvidia’s long-term growth potential remains strong. For investors looking to enter the stock, here are some potential support levels to consider:
* **$690:** This level represents a potential entry point for investors seeking a long-term hold.
* **$720:** This level has been identified by analysts as a favorable accumulation opportunity.
* **$750:** This level provides a moderate entry point for investors who believe in Nvidia’s growth story but want to mitigate risk.
While Nvidia’s stock may appear expensive at its current price, investors should consider the company’s strong fundamentals and long-term prospects before making decisions.
**Market Outlook**
The broader market has been relatively quiet this week, with investors awaiting key economic data and earnings reports later this week. The release of Nvidia’s earnings will be a major catalyst for the tech sector and could provide direction for the overall market.
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Divya 
Priyanka