Hey Siri, why is NVIDIA Mooning?

#algo #ai #nvidia #stocks #trading #pinescript

The simple answer is AI. Amongst other things, but currently AI is the latest Buzzword on everyone's lips!

I recently posted a stream on how you can use chat GPT to make a pinescript indicator (see below)

There are so many possibilities with AI and we are still early, very early!

NVIDIA stock closed near a trillion-dollar market value this week as shares surged 25% following a better than expected earnings report from an artificial intelligence boom globally.

This puts NVIDIA at around 160% plus on the year in terms of it's stock price. This in turn attracts late comers to the party. Of course, they were already on the up n up from growth since the Pandemic. The Covid outbreak and lockdowns around the world meant gaming took off in a big way. Cloud adoption surged and crypto enthusiasts turned to its chips for mining coins.

To make things 'better' Goldman Sachs analysts now estimate that U.S. investment in AI could approach 1% of the country's economic output by 2030. All green lights for AI and NVIDIA.

But the reason this tech company, more than others right now is soaring?

Well, did you know???

The large computers that process data and power generative AI run on powerful chips called graphics processing units (GPUs).

Nvidia produces about 80% of GPUs, according to analysts.

What else is there to know?