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Nvidia Corp (NASDAQ:NVDA) has done it again—stock surging, market cap skyrocketing, and charts flashing green. The company's market capitalization has more than doubled, climbing to $4.68 trillion from a low of $2.3 trillion in early April, leaving investors wondering how high it can go.
A classic cup-and-handle pattern now forms, hinting that the rally may have plenty of runway left. CEO Jensen Huang's comments on AI demand only add conviction: this isn't just growth, it's a structural explosion in computing.
Huang told Cantor Fitzgerald analysts that GPU demand is "progressing way faster than Moore's Law," underlining the massive scale of AI adoption. He projected $500 billion in annual spending on AI-optimized infrastructure through 2030. Add U.S. approval of billions in exports to the UAE and Microsoft's rollout of the Blackwell AI platform, and the picture is clear: Nvidia's chips are the backbone of a global AI boom that's only getting started.
Chart created using Benzinga Pro
Technically, Nvidia's setup is textbook bullish. The cup-and-handle formation suggests a continuation of the rally. The handle is consolidating just above the 8-day SMA (simple moving average) at $179.16. Support from longer-term SMAs—20-day at $168.04, 50-day at $144.01, 200-day at $72.54—reinforces a strong upward trend.
Over the past six months, Nvidia climbed 74%.
Meanwhile, Advances Micro Devices Inc‘s (NASDAQ:AMD) 145% run highlights an intriguing dynamic. Nvidia could outpace expectations as momentum traders jump on the next breakout.
With a chart screaming "more" and a CEO painting a $500 billion AI infrastructure boom, Nvidia offers both technical and thematic upside. Momentum traders can watch for the cup-and-handle breakout, while long-term investors may see a decade-defining AI cycle unfolding—powered by Nvidia's chips, platforms, and unparalleled market position.
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