NVIDIA Corporation (NASDAQ:NVDA) shares are trading marginally higher by 0.54% to $389.78 Monday morning. Since May 24, the stock has experienced a notable increase of 27% following the company’s first-quarter earnings report that exceeded market expectations.
Nvidia’s focused strategic approach towards AI chips has been a significant driver behind the company’s stock price growth in 2023. In light of the broader AI-driven market momentum, CEO Jensen Huang has expressed confidence regarding the company’s reliance on Taiwan for its manufacturing needs.
Huang reassured investors saying TSMC would make his company’s next generation of products while adding Nvidia would continue diversifying. Various companies have recently voiced concerns about likely risks to the business from military threats by China against the democratic island of Taiwan.
Additionally, JP Morgan analyst Harlan Sur reiterated an Overweight rating on Nvidia last week.
According to data from Benzinga Pro, NVDA has a 52-week high of $419.38 and a 52-week low of $108.13.
