Shares of chipmaker NVIDIA Corporation (NVDA) have gained 6.6% over the past month and 83.3% over the past six months to close the last trading session at $240.63. Optimism about NVDA’s performance in high-growth markets, including data centers, automotive, and AI, drove investor sentiment. The stock is currently trading above its 50-day and 200-day moving averages of $202.65 and $167.35, respectively.
However, given NVDA’s underwhelming financial performance in the fourth quarter and fiscal 2023, significantly high valuation, and near-term macroeconomic headwinds, I think it could be wise to wait for a better entry point in the stock.
